Offering BNPL for all transactions can lead to lending for very low amounts and inappropriate transactions, such as deposits at gambling companies or tax payments. Smart BNPL addresses these issues by allowing banks to focus on the most relevant and high-value transactions. Additionally, banks have long-term, stable customer relationships and take greater responsibility than BNPL providers, needing the ability to control who receives BNPL services.
"With the new BNPL solution module, we are setting a new standard for responsible lending. Banks can now control and customise BNPL offerings for the most relevant transactions, enhancing user experience and driving better conversion rates. This innovation reflects our commitment to meeting the evolving needs of businesses and end users."
This new solution module enhances responsible lending by enabling banks to take greater ownership and make informed decisions on who to target and/or exclude in their offerings. This control allows banks to decide who can use BNPL, when, and in what format, resulting in better-tailored offers for cardholders and improved conversion rates.
In addition, the user experience for customers in physical stores is significantly improved, as they no longer need to request BNPL as an payment option at the POS; it is seamlessly accessible in their bank's app. This enables banks to reach their customers at the point of transaction, milliseconds after the transaction is authorized, bypassing the complex infrastructure of POS. This not only ensures awareness of BNPL and results in high conversion rates but also a convenient user experience for the customer.
This new feature, currently available for
For more information, please contact:
Email: kent.hansson@sileon.com
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