Flexigroup has launched its buy everywhere and pay later service bundll to bring buy now, pay later-style consumer financing to transactions as small as buying a coffee.
Flexigroup has confirmed the service will not charge consumers or merchants - it will rely on the interchange fee from its partner Mastercard to fund a two-week interest-free period. The charge for consumer transactions can range from as little as 20 basis points to as high as 86 basis points of its value, according to Mastercard.
The company says consumers can now use the service to buy now, pay later with any vendor in store or online whether or not they are a signed merchant with its service.
Flexigroup will use the bundll service to target everyday consumer spending that is currently done on debit cards. The trials of the new bundll service has had an average transaction size of USD 35 to USD 40.
While the first two weeks are free, customers are then charged a flat fee of USD 5 to extend payments for another two weeks. A Superbundll option is then available to extend payments.
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