OTP Bank has established a subsidiary to process installment purchases. The bank plans to launch the new product in the second quarter of 2024. First of all, the BNPL service will focus on online purchases.
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OTP Bank plans to launch a payment service for installment purchases. To do this, the organization created a subsidiary, OTP Financial Technologies LLC, according to the bank’s website.
“The BNPL service will mainly focus on the development of the commercial segment in online stores. However, the bank’s plans also include access to offline stores,” OTP Bank said.
The full launch of the new service should take place in the second quarter of 2024.
Many large banks have BNPL services to pay for purchases in installments, including Alfa Bank, Sberbank and Tinkoff Bank.
Author:
Kirill Bilyk
Source: RB
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