Financial services provider Wirecard has introduced a fully digital installment payment plan in Germany.
Available through the Wirecard digital financial commerce platform, the new offering will benefit both merchants and consumers.
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The new plan will allow consumers to pay for all online purchases in instalments, while merchants can increase online sales by providing payment in installments with guaranteed, immediate payout.
Larger shopping baskets and higher conversion rates will allow merchants who use Wirecard’s new offering through the company’s digital platform to benefit from increased sales and earnings. Full settlement will be provided to merchants after completion.
Consumers will be allowed to pay for purchases in fixed monthly payments over periods of between three and 24 months – or up to 36 months for items more than € 1,000. Unscheduled repayments at can also be made any time without incurring fees.
Following the initial launch in Germany, Wirecard plans to expand the offering across Europe. The company estimates transaction volumes of more than € 3bn in the first years.
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By GlobalDataWirecard VP of product management payment & risk Kilian Thalhammer said: “According to recent statistics, merchants offering installment payments in their online shops not only notice significant sales growth but also increased customer satisfaction.
“By giving consumers more flexibility, merchants improve the overall shopping experience which in turn leads to more loyalty.”
Earlier this month, the financial services provider launched its fully-digital multi-merchant loyalty solution. The company said with a B2B2C approach, the solution supports companies seeking expand their operations worldwide and tap into new industry sectors.
