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Eggboy

831 Posts.

1245

03/07/21

14:33

Post #: 54259013
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Originally posted by VamosMikel: ↑

So what has been developed here is called a CASH instalment plan.

If you look at the Paypal Rewards Credit Card (issued by Citi) they have an option called Cash Instalment Plan:
"Access cash from your available credit limit and repay it in monthly instalments at a fixed rate over a set term."

If you look at Citi's new card-based BNPL, one option is Quick Cash:
"Turn your credit into cash by accessing from $500 up to 90% of your available credit limit."

There is where the SPT technology and patent comes into play.

They have optimised the solution to easily explain to the customer how it works.

The customer uses their AVAILABLE CREDIT, turn it into "Cash" and then pays it back in INSTALMENTS.

Here's the most important part...

Every time they pay an instalment, "the amount [they] pay off will become available for [them] to use again as part of [their] credit limit.

THIS IS WHAT VISA, MASTERCARD AND SPLITIT HAVE BEEN WORKING ON BEHIND THE SCENES AND THEY HAVE JUST SOLD IT TO THE WORLDS LARGEST ISSUER OF CREDIT CARDS - CITIFirst PayPal, who's next? We know Citi are working with Google on Google Plex (part of Google Pay).

WATCH THIS SPACE.

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Hi Vamos,

Nice to see this knd of research.

What I don't see here is any mention of the instalment being offered at point of sale.

As you know there are a range of lenders who use 'instalment plans'., which occur after the sale has happended, and require the customer to go into their account after the purchase and set up an installment plan post purchase...but that is not the same as providing BNPL at the PoS (during purchase).

The language here is all about an 'installment plan' not an 'installment offering' and no mention I can see about this being a PoS BNPL option - which is Splitit.

This may come, and hope it does, but I cant find any reference in anytihng written here to what Splitit actually offers.

Please make me wrong!

EB

SPT Price at posting: 59.0¢ Sentiment: None Disclosure: Held
1 Upvote

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