Moscow-based digital bank Tinkoff has introduced the Dolyame.ru the country first buy now pay later (BNPL) platform.
Online shoppers in the region will now be able to purchase goods such as shoes, clothes and cosmetics through the service.
Dolyame.ru enables its users to spread the cost of purchases across four equal interest-free instalments, with the sellers securing the full purchase price immediately. The first 25% instalment is paid at the time of purchase, with following payments debited from the buyer card biweekly.
The BNPL platform is already available for purchases with brands such as Puma, Tom Tailor, Rive Gauche, Sneakerhead, Authentica Love and Respect, with other brands expected to be introduced soon.
The bank chairman of the board Stanislav Bliznyuk claimed the service offers a win-win solution with more spending power provided to buyers while an increased potential for online stores to boost sales.
Bliznyuk said, ?As a leading fintech company, we are proud to be the first to introduce this new payment method to the Russian market,he says. ?Its creation has been the result of several factors successfully coming together at once.
?Firstly, strong competencies were required in data analysis to allow payments to be processed quick and seamlessly. Secondly, unique technologies were needed to develop and integrate the service. Tinkoff was an ideal match for these conditions.p>
Mexico City-based firm Nelo recently secured $3m from a funding round to expand the use of its BNPL platform in Mexico.
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