Satispay has launched the new Satispay Pay in 3 service, extending the instalment payment system Buy Now Pay Later to physical shops as well.
Following this announcement, users will be given the possibility to pay in three instalments and without interest for purchases over EUR 30 directly from the app, with the same procedure as always, in all physical as well as online affiliated shops. This process is expected to take place without having to fill in forms or present documents and without waiting, simply through the use of the app.
In addition, the release of the new service for consumers and merchants will be progressive in the coming weeks, being made available to several businesses and merchants in the circuit, including large brands such as IKEA Italia, Prénatal, Gamelife, Tigros, and Grimaldi Lines, as well as starred restaurants, pharmacies, and hotels.
More information on the Satispay Pay in 3 launch
According to officials of the company, Satispay followed closely the overall development of the Buy Now, Pay Later (BNPL) trend, and it chose to wait for the right moment before bringing new benefits and solutions to its community. At the same time, Italy's BNPL market is already used for 17% of online payments, but only 4% for physical payments, and this discrepancy highlights the need to make the service more accessible to small merchants, who often risk being less competitive by not having the needed access to these kinds of solutions, while supporting consumers in their daily purchases as well.
This news follows the company’s partnership with myPOS, which focused on improving payment solutions for customers and businesses in the region of Italy. Through this initiative, Satispay aimed to further solidify its position in digital payments in Italy and equip merchants with the ability to improve sales, both in-store and online. Furthermore, Satispay focused on enabling secure payments by scanning a QR code in physical and online stores, while also aiming to meet the needs, preferences, and demands of clients and users in an ever-evolving market and prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
