Santander joins the BNPL trend with its Zinia platform

The world of “buy now, pay later” is conquering more and more companies belonging to different sectors. It came as just another payment tool, but it has become a trend that has swept everything away. There are several companies that have opted for this service, and the Santander Bank it was not going to be less.

The Spanish financial company has announced, through a statement, the creation of “Zina”. A consumer finance platform. In the first few months since its launch in Germany, it has managed to reach more than two million customers. The creation of Zinia arose thanks to the merger of the company with Openbank. This union led to the emergence of Digital Consumer Bank, and, as a result, the idea of ​​creating “Zinia” came about.

Currently, it is located in Germany and the Netherlands, but they will not hesitate to expand to other territories. That is its main objective, to reach all corners of the world. “We are very satisfied with the expansion that Zinia is having in its first steps and we hope to achieve strong growth until we reach a leadership position in the buy now, pay later business”, it states Ezequiel Szafir, CEO of Openbank and Santander Consumer Finance.

What benefits does BNPL have for Santander?

“Buy now, pay later”, which is known as BNPL, translated into Spanish, means: “buy now and pay later”. It has become the new online payment method among the majority of adolescents aged 14 and over, specifically in the US. According to the forecast made by eMarketer, a 81.2% of users will join the BNPLand, over time, also the age range will increase. However, the latter will take a while, since it is the younger people who are more involved in the new digital age.

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One of the main advantages of using the BNPL is the financial flexibility. It simplifies the purchase process for customers by offering the possibility of splitting the payment in interest-free installments in online and physical stores. In addition, Zinia users will have access through the mobile application to exclusive offers and benefits when it comes to financing your purchases.

Another benefit is that increase sales and improve customer relationshipsabove all, with digital customers, who value simplicity and transparency in the purchase process.

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