Russians using the Tinkoff service will be able to pay for offline purchases in installments

To use the BNPL service, you must inform the cashier of your intention to pay with Shares and scan the QR code at the store checkout. On the web page that opens, a list of purchases, their cost, as well as a payment schedule will appear.

Sovcombank intends to launch a similar service. The bank has already conducted an experiment with one of the major brands and is now expanding the product to other companies, Izvestia writes.

The Bank of Russia has begun discussing the first steps to mitigate the risks consumers face when buying goods or services in parts without a loan agreement. This refers to the convergence of consumer lending and shared payment services in the legislation.

Analysts noted that the market will react positively to the installment product and predicted a notable increase in sales using BNPL (buy now pay later) services in classic retail.

In 2021, Tinkoff launched the Shares BNPL service. Combines the advantages of online purchasing and installment programs.

The service allows you to divide the purchase price into several equal parts. To receive an order, it will be enough to pay only 25% of its price. The rest of the amount will be charged to the buyer’s card every two weeks until full payment. If there are not enough funds on the card, the buyer will receive a reminder about the need to top up the account.