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January 27, 2022

Santander eyes European expansion for BNPL offering Zinia

Spanish banking giant Santander has officially launched a new buy now, pay later (BNPL) platform called Zinia as it seeks to strengthen its position in the burgeoning BNPL space. 

Free Report
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What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

Zinia’s BNPL technology has attracted over two million customers since its introduction in Germany, the bank said.  

Santander now plans to roll out its BNPL offering in other markets under the Zinia brand, starting from the Netherlands.

Zinia allows customers to pay for their shopping in interest-free instalments online or through the physical point of sale (POS).  The users can also access exclusive offers and financing alternatives through the Zinia app.

Additionally, partner merchants can use Zinia to offer customers a ‘fast and secure’ payment option boosting sales and repeat business.

Santander Consumer Finance and Openbank CEO Ezequiel Szafir said: “Today we are launching a new platform that offers consumers a convenient and flexible payment option with the security and trust provided by a large financial group like Santander. We are delighted with Zinia’s early expansion and aim to become a leader in the buy now, pay later market”.

Zinia uses artificial intelligence-based credit assessment technology to make credit decisions.

The BNPL service is also expected to benefit from Santander Consumer Finance’s scale, which caters to over 19 million customers.

Zinia is a project developed by Santander’s Digital Consumer Bank (DCB) which includes Santander Consumer Finance (SCF) and Openbank.

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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