In its mission of consolidating itself as an increasingly solid alternative to traditional banking, Revolution Continue to incorporate new features. Began ensuring deposit protection, He continued to eliminate the Lithuanian And he took another step by integrating Bizum. Now, the British Neobanco has decided to offer the Payment to your clients in Spain.
It is an initiative that will allow to acquire products and pay them in installments. The service will be available for purchases of 50 euros or more for customer credit card customers. Payments can be divided into 3, 6, 9 or 12 months, with a nominal interest rate (TIN) of 14.93%, lower than the ‘revolving’ model of the revolution itself, which is 21.94%.
How does Revolution’s installments work?
To understand how Revolution’s payment operates, we must first clarify what it is not. It is not ‘revolving’Nor ‘Buy now, pay later.’ In the first case, the user decides at the end of the month if he wants to fraction the purchases made with his credit card in small periodic installments, which makes it a practical option for some scenarios.
In the second case, with ‘Buy now, pay later’, the decision is made at the time of purchase: a first disbursement is made and the rest is paid in several equal installments during the following weeks or months. For example, if we make a 100 purchase and decided to segment it in four payments, at the time of the operation we will pay the first 25 euros.
And Revolution’s payment payment? Here is different: it can be decided Before closing the monthly cycle of the card if the payment of one or more products that we have acquired is divided. This means that Revolution’s customers now have three card payment options: pay all expenses at the end of the month, use ‘revolving’ or the new payment payment.
Neobancos are a reality in Spain. They have been trying to conquer traditional banking customers with a modern design, variety of cards, interesting proposals and greater agility. Revolution is one of the best known neobans, but it is not the only one. We also find options such as N26, Nickel or Trade Republic.
Images | Revolution
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