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.
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.