Tinkoff launches BNPL service in Russia

This new means of paying for purchases in online stores combines the advantages of online acquiring and instalment plans. Buyers can pay for goods in instalments without incurring interest, and sellers can immediately receive the full purchase price in their account without commissions or delays. The Dolyame.ru service allows customers to split the purchase price into four equal parts. In order to make a purchase, they need to only cover 25% of its price. The remaining three quarters is debited from the buyer's card on a bi-weekly basis until the full payment amount is received. 

Payments through Dolyame.ru can be used to purchase FMCG products that are not usually sold on credit or in instalments (clothes, shoes, cosmetics, accessories, and so on) from online stores. Buy-now-pay-later services have become widely used the world over. In the US, 56% of consumers have used them at least once, while 36% use this payment method at least once a month. According to the experience of American retailers:

• this payment method has increased conversion in online stores by at least 15%;
• the average check has grown by 60%;
• 20% of users make a second purchase;
• the number of new customers who previously turned down purchases on account of high prices has grown significantly. 25% of consumers using the buy-now-pay-later method are either Millennials or from Generation Z.