Santander has developed a “buy now, pay later” app called Zinia.
In Brief:
Zinia is an app that lets shoppers split purchases over interest free installments.
The technology has already accrued more than 2mn customers in Germany.
It will now launch in the Netherlands as Zinia.
What does this mean?
Santander is launching the new product to compete with the likes of Klarna and Afterpay. This could be a new revenue stream for the bank – while traditionally, institutions make money from charging interest to customers, in this instance the revenue would come from providing a service to merchants.
