German savings banks in the Sparkasse group have launched a buy now pay later service in their mobile payments app, enabling customers to request a loan to pay for goods at the point of sale via their Android smartphone and arrange to repay it in instalments, according to NFC World.
Customers can apply for a loan of between €500 (US$580) and €3,000 (US$3,476) within the banks’ app and, once the application has been approved, “the amount is reserved in the linked checking account in a few minutes and the customer can immediately dispose of the money at the point of sale,” Sparkasse says.
“The express loan is repaid either as part of an instalment loan or after 30 days from the current account.
“The customer can also request the instalment loan directly in the app during the application process for the express loan and then conclude it in their online banking via the electronic mailbox.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
