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N26 introduces instalment payments

Monday 5 July 2021 14:39 CET | News

Germany-based mobile bank N26 has introduced the payment option 'N26 Instalment Payment' allowing customers to divide past purchases into several instalments. 

This payment option offers authorised customers in Germany the option of dividing past purchases into instalments and repaying them over a longer period of time. Users who have registered their accounts in Germany, who are classified as creditworthy by N26 and who have regularly carried out transactions in the past few months are eligible. Depending on the customer's creditworthiness, the annual loan interest is between 7.49% and 11.99%. Customers can temporarily get back up to 82.71% of the purchase price.

According to an N26 study, 45% of respondents are considering dividing payments for larger purchases into instalments. According to an N26 representative, the company considers N26 Instalment to be an alternative to traditional credit or buy-now-pay-later products as it focuses on purchases that have already been made and are fully paid for. Customers may receive a large portion of the purchase price back with N26 instalment payments. The total amount for all payments can be between EUR 50 and 500. The monthly instalments are then automatically withdrawn from their N26 account and users receive a payment reminder the day before. If desired, customers have the option to repay instalments earlier.


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Keywords: product launch, instalment payments, BNPL, payment processing
Categories: Payments & Commerce | Mobile Payments
Countries: Germany
This article is part of category

Payments & Commerce