Sparkassen launch instant credit at the POS via app

Tuesday 26 October 2021 14:46 CET | News

Germany-based saving banks Sparkassen have announced enabling customers to use express credit from the ‘Mobile Payments’ app at the POS and later pay them off in instalments. 

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

Payments & Commerce