Customers must first request a free express loan for a desired amount between EUR 500 and 3000 in the ‘Mobile Payment’ app. If the credit rating is given, they will receive a confirmation of the express credit. After completing the application process in the app, the amount is reserved in the linked checking account and the customer can dispose of the money. The amount will be credited as a transfer on the following SEPA business day.
The repayment of the express loan runs either as part of an instalment loan or after 30 days from the current account. The BNPL solution was developed by S-Payment and S-Kreditpartner (SKP) and is integrated into the ‘Mobile Payment’ app for Android smartphones as a supplement to the digital cards. According to a Sparkasse representative, the express loan is a step towards changing the banking app into a payment platform.
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