2023-10-12 18:05:29
Fintech companies offer different alternatives to advance the purchase of products and finance themselves in the face of economic uncertainty. The keys
He blue dollar above 1,000 pesos and inflation (whose September data will be known this Thursday) does not give rest, so many Argentines “blow up” their cards to advance purchases and “freeze” installments to anticipate what is coming.
But some fintechs launched their “Now 4” plans that allow you to buy online interest-free installments in various items and without the need for a credit card.
Plan Now 4: how it works
In the fintech universe there are companies that offer the possibility of pay in installments but with a debit cardreaching almost the entire population, since any Argentine can obtain a free universal account with its corresponding card.
One of them is GoQuotedwhich enables convert debit card to credit card instantly. Its co-founder, Emiliano Canovas, assures iProUP that the client “can choose two, three or four interest-free payments“.
“We will never charge the consumer. We only receive a commission that corresponds to the business, but that ends up being paid with the higher sales that we help it generate, in addition to the advantage of building customer loyalty,” says Canovas, who details how it works:
“Go to the store and have the seller do the process for you, without downloading an app”
“Read a QR code and register so you don’t have to give the card to the seller”
“Make an online purchase. We are partners of Tiendanube, VTEX and we are present in ecommerce”
“You can enter any online store that is a member of GOcuotas and buy directly”
Within the list of affiliated businesses categories are highlighted dress (See, Dash, Grisino, JohnFoos), health (SoyTuFarmacia, Farmamix), toy store (Blue Bear) yttechnology (Smart-Tek, TecnoCell), among others.
Meanwhile, Wibond offers a similar service. From the firm they reveal iProUP how is he profile of your clients:
“A large part arrives looking for financing, as they do not have banks or other entities to do so”
“Many others, to expand the limit they have in the banks”
“Those who are already digital users aim to expand alternatives, understanding how wallets work”
They also emphasize that their focus is on those who do not have a card credit: “40% of users make an online purchase for the first time through Wibond. This means that they are unaware of ecommerce and have many doubts and queries.”
Among the participating businesses, the category stands out dress (Sarkani, Show Sport), electro (cell Store, Central Electro Hogar) and health (Farmacias del Sud, Farmamix), among others.
Plan Now 4: what requirements do they ask for?
Canovas affirms that GoCuotas develops a “financial inclusion model” that reaches “people that banks are not looking for”, implementing its own technology to cross data and determine the purchase limit.
“We achieved sustained growth: 500% annually. We have more than 300,000 users and we already grant almost 400,000 microcredits, for a total of $1,000 million,” he points out.
GoCuotas allows you to buy in four installments with a debit card
And he adds: “Many who have credit cards use GOquotaspara save the balance for a larger operation. Others, who have a digital wallet, use it to finance certain purchases.”
From Wibond they emphasize that “the majority of people are underbankedhave virtual wallet and they have money in cash. “Banks don’t tend to lend you money or give you limits.”
They also reveal that The categories with the greatest demand are those linked to technology and clothing.while The average ticket is around $45.000although “it varies depending on the product, the user profile, the store where the purchase will be made and the analysis we perform.”
On the other hand, Canovas clarifies that the first installment is debited at the moment of the transaction and the following same day of the month in which the operation was performed.
“In case of delay, with charge a fixed amount: It is not interest because it is not related to the amount or time. It is the subscription to GOcated, which is always discounted, unless you are late: you pay it that month. When you are behind on a payment, you are blocked so that you do not hurt yourself,” Canovas emphasizes.
The average amount financed through this fintech is $13,500, with purchases from $3,000 up to $60,000. The four-installment option is the most popular.
What other options exist to finance purchases?
One of the fastest growing credit fintech companies is AlPrestimo: It works as a marketplace that unites those who require financial products with companies that can provide them.
Alprestamo unites people who need financing with entities that can provide it
Julián Sanclemente, CEO of the firm, entrusts iProUP that on the platform “users can find a variety of offers according to your credit profiles in less than a minute. We are located between supply and demand: We bring the entities the user profile they are looking for“.
According to the executive, Approved credit applications grew 400% this year. “Thousands of people who are looking for financial products and cannot find an optimal solution fill out a form with basic data and quickly access a variety of proposals,” she says.
Credit Market allows financing on the platform. “It’s a limit of available money that serves as a means of payment to buy in installments in Free market“. To use it, the user must:
Activate Mercado Crédito on the Mercado Pago site or app
Check the limit of your financing line
Choose the product in Mercado Libre
Select Mercado Crédito as a means of payment and the number of installments (up to 12)
Pay them monthly with debit card, transfer or cash
“Consumer credits are used to make online purchases in installments without a cardpay utility bills, recharge cell phones and prepaid antennas, payment option in stores with code QR or personal loans to use the money for whatever the user needs,” Mercado Pago points out to iProUP.
And they add that the majority of consumers who use Credit Market does not have access to bank financing, and that 80% of loan takers request them again. Regarding the destination of the funds, they reveal that “The most required is financing in installments for health products. technology, appliances, clothing, tools and household items“.
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