Bank Millennium customers are the first on the market to be able to pay their BLIK Pay Later in installments. This new feature allows you to finance online purchases over PLN 300 in 3, 6, or 12 monthly installments. This provides even greater flexibility in managing your household budget.
Bank Millennium has expanded its BLIK Pay Later service with a new option for financing purchases. Customers have greater flexibility in managing their expenses. They can choose whether to repay the payment in one lump sum after a deferral period or in several monthly installments.
The new feature is available for payments over PLN 300. Customers can decide to pay in installments while shopping online or afterward, using their BLIK Pay Later transaction history in the Bank Millennium mobile app. The bank is gradually rolling out the solution. The new service is another element of the „My Online Shopping” ecosystem – within which, in addition to a full range of payments, customers can also use various features in the app to facilitate online shopping.
„Customers increasingly expect solutions that give them greater flexibility in managing their expenses. The ability to pay in installments with BLIK Pay Later is another step in the development of convenient and flexible payment methods available directly in our mobile app. This allows customers to tailor their payment method for larger purchases to their current needs and financial situation.” – says Sebastian Radzimowski, head of the cards and payments area in the Retail Digital Sales Department of Bank Millennium.
The installment option is available to customers with a BLIK Pay Later limit and those who choose to activate the service. The financing cost includes an interest rate of 14.5% per annum with zero commission for financing. Interest accrues from the date of purchase. [i]
The process is simple and fully digital. Customers select the number of installments, review the financial terms and repayment schedule, and then confirm their decision with a PIN code in the mobile app.
„From the outset, BLIK Pay Later combined the convenience and intuitiveness of BLIK payments with greater flexibility in spending planning, regardless of when funds arrive in your account. Today, we’re going a step further, enabling payment splits into monthly installments. Users decide how to repay, and the entire process takes place within their banking app. This allows us to develop the service in line with user needs while maintaining the simplicity that is the foundation of BLIK.” – says Witold Litaszewski, director of the Consumer Financing Department at BLIK.
The BLIK Pay Later service is currently available at select banks in Poland. Bank Millennium customers are the first to benefit from the option to pay in installments at this stage of the service’s development.
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[i] LEGAL NOTICE: The Annual Percentage Rate (APR) is 15.50%. The total loan amount is PLN 1,000, the total amount payable is PLN 1,024.32, and the total cost of the loan is PLN 24.32, including interest of PLN 24.32 and commission of PLN 0. The interest rate is fixed at 14.50% per annum. The loan is repaid in 3 monthly installments: 2 installments of PLN 341.42 each and the final balancing installment of PLN 341.48.
By activating the service, you enter into a loan agreement with the Polish Payment Standard. Bank Millennium is a credit intermediary cooperating with the Polish Payment Standard and is authorized by the Polish Payment Standard to act as an intermediary in the actual execution and performance of consumer loan agreements. Using the BLIK „Pay Later” limit involves querying BIK (Credit Information Bureau SA) databases and verifying creditworthiness. More information about BLIK payments can be found in the General Regulations for the Provision of Banking Services to Individuals at Bank Millennium SA and in the Price List for BLIK Payments available on the bank’s website. Explanations of representative service terms can be found in the Glossary on the bank’s website.
BLIK is a universal mobile payment standard. Virtually every customer of domestic payment institutions offering a mobile app can now use BLIK in mobile banking applications. The Polish Payment Standard (PSP) is responsible for the system’s development. PSP is constantly developing BLIK’s capabilities to ensure the system is as user-friendly as possible. PSP’s shareholders include Alior Bank, Bank Millennium, Erste Bank Polska, ING Bank Śląski, mBank, PKO Bank Polski, and Mastercard.
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