We are the first bank to offer ‘Buy now, Pay later’ 0% interest payment solution in Bulgaria
09.11.2021 Share +
Following our strategy to improve the shopping experience and support merchants’ growth, we are bringing to Bulgaria the latest global trend in purchase financing – Buy now, Pay later (BNPL). It is a type of short-term financing and an alternative new payment method that allows consumers to make purchases and pay over a period of time. We are happy to share that we are the first bank in Bulgaria to offer this financing solution, under the TBIPay brand, which gives customers the opportunity to get their desired item with just a few clicks in fully digital environment and without any additional fees or interest.
The new generation of consumers requires more agility when paying for its purchases, especially when it comes to smaller amounts, and it is crucial for merchants to be able to meet these expectations. Our BNPL product is made to address exactly these needs, as it allows shopping with no interest and fees for purchases from BGN 40 up to BGN 400, which should be repaid in 4 equal installments for a period of three months.
We already have a great experience in the BNPL field as we introduced the solution in Romania earlier this year, where it has already gained popularity both amongst customers and merchants. Now, as a part of our continuous journey in the BNPL segment in the South Eastern Europe region, the product is available for the Bulgarian customers through a simple and straight-forward process. By filling only a few boxes of information and with no registration or documents necessary, customers can start and complete the application in minutes on different devices whenever they decide.
As an alternative payment solution to the widely used in Bulgaria and Europe credit cards and standard loans, BNPL comes with lots of advantages. No charges above the purchase price in a much longer interest-free period of repayment and an entirely online process without visiting physical offices are just part of what makes our BNPL a more convenient and accessible payment method for the customers. Moreover, BNPL allows customers to finance relatively small purchases – such as perfumes, jewellery, etc. which they usually won’t be able to get through a standard loan.
On top of all these positives for the consumers, the BNPL solution also brings considerable benefits to the merchants. It gives them the opportunity to attract new clients, drive repeated visits and increase their sales, among others. In particular for online merchants, with this solution they don’t need to interact with the customer directly as we will be able to cover their business needs 24/7 with fully automated communication between systems. Moreover, with this payment method merchants receive 100% of the proceeds from the purchases right after the payment is approved. Our BNPL solution is already gaining solid traction on the market as already over 200 merchants (and more in the pipeline) in Bulgaria from various industries, such as technology, sports equipment, furniture and many more, integrated this payment solution in their online shops.
“TBI Bank has been successfully offering in-store financing in Bulgaria and Romania for more than 15 years”, says Armen Matevosyan, Chief Commercial Officer of TBI Bank. “Over that time, we have built unique expertise and we know how to serve the ever-changing needs of our merchant partners and common customers. TBI’s new BNPL offering is in the spirit of time. It uses best-in-class technological solutions to support Bulgarians looking for affordable ways to pay for their purchases”.