Retail chains will be able to use the BNPL CFT solution.
Fintech solutions developer, Center for Financial Technologies (CFT), has created the PayStep installment platform, the Kommersant newspaper said, citing sources. The first partner of this project is the telecommunications company MegaFon.
Now subscribers of the MegaFon salon network will be able to divide purchases worth up to 30 thousand rubles into four parts. The buyer pays the first 25% of the cost in the store, the remaining three parts – every 2 weeks. The possibility of early payment is provided.
A feature of the new CFT service is the absence of commissions and interest for buyers, as well as loan agreements. To receive the installment package, clients must provide their full name, date of birth, phone number, and photo. PayStep installments are also available at the retailer’s online store.
“..We evaluate clients based on behavioral characteristics, including using big data provided by partners with the client’s consent,” Nikolai Smirnov, a member of the CFT board of directors, told the paper.
Pilot projects started in Moscow and 10 Russian regions, said Vladimir Skurikhin, General Director of MegaFon Retail. According to him, in 2022 the service will be increased to all regions of the country if the demand is high. The PayStep platform is expected to provide 15 billion rubles in installments next year, the newspaper reports.
PayStep will simplify the implementation of BNPL services for retailers, Smirnov explained to the newspaper. The commission for retailers will be 10% for offline stores and 5% for online purchases.
CFT Group of Companies is a Russian software developer for banks and fintech companies. The group includes the Zolotaya Korona payment system, the interbank processing center Fakura.ru, the Gorod payment system for housing and communal services, the CardStandard processing center and others.
The volume of BNPL payments in Russia in 2021 will amount to $2.1 billion, according to Research and Market analysts. According to them, the market size of installment packages in the country will grow by 29% per year and by 2028 it can reach $12.9 billion.
Let us remind you that Tinkoff Bank launched a payment service in installments in April – called Shares. It also allows you to split payments into 4 parts and pay for orders every two weeks. In June, the social network VKontakte launched an installment package in the payment service VK Pay with the help of VTB Bank. From June this year Wildberry buyers can receive installments, and from August – “Yandex.Market”.
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