Digital lending solution and online payments solution TBI Bank announced Monday (July 25) that it has launched a buy now, pay later (BNPL) service that allows consumers to make interest-free split payments when shopping in-store.
The in-store BNPL product, which was already available to TBI Bank customers in Romania, has also been added to the company’s online BNPL lending services in Greece.
In its announcement, the company stated that “Greek consumers have access to this convenient payment method in a wide network of over 100 merchants (out of our network of 700 partners) from various industries, allowing them to split the total cost of any purchase into 4 installments with zero interest.”
Kostas Tovil, market leader, TBI Bank Greece, said, “We’ve witnessed an accelerated move towards e-commerce and the way people shop, save and pay in the past years and as in-store shopping is returning to normal. It is only natural that consumers across all our markets demand seamless and convenient payment methods like BNPL.”
Tovil added that “by offering this innovative solution omnichannel, we give merchants more tools to increase their sales and build stronger relationships with their clients and to customers more options to meet their shopping needs.”
In the coming days, TBI Bank intends to announce more merchants from different industries will accept the payment method.
From dedicated BNPL platforms for B2B transactions to solutions aimed at service and bill payments, as the BNPL space matures, the applications of the installment-based lending model have proliferated beyond an initial focus on eCommerce and consumer retail.
Read more: Buy Now, Pay Later Options Help Fill Dental-Care Gap
For example, installment financing FinTech Sunbit is using BNPL to help finance dental procedures and eye care, among other essential services. The firm said it both powers the application process and manages the collections process.
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