No one will be surprised hearing that the world is becoming more and more cashless every year, Poland being no exception at all. People are turning to cashless payments, Poles favour contactless payments and like checking out new technologies. New fintech solutions are approached with growing enthusiasm which accounts for the popularity of PayU or SkyCash. Soon, a new platform may enter Polish fintech scene – ING Bank has started a partnership with a Czech startup Twisto.
Twisto offers deferred payments. This basically means you can buy things and pay for them at a later time. No money? Waiting for a paycheck? With Twisto, you can buy whatever you need without having to worry about the cash flow. You pay everything off fourteen days after getting the product. If you don’t have the money, you can pay off 10 percent and wait till next month to pay in full, or, if necessary, you can decide to defer your payment for several months (for a small fee).
In the world of online transactions using Twisto means you don’t have to pay for something until after you receive the purchase. If you don’t like something you’ve bought, you can return it without ever spending money.
What’s Twisto’s target? People who don’t have bank accounts and don’t usually use debit or credit cards.
At first, ING was planning to develop the technology by themselves. However, after seeing Twisto’s success, they’ve seen the attraction of the implementation of the fintech’s solutions. That’s why the initial idea was binned and the plan of the partnership was conceived. The buy now, pay later model is something that is not yet popular in Poland.
The thing that really makes the solution attractive is the verification method Twisto uses. Unlike Klarna, a similar deferred payment solution from Sweden, it doesn’t use forbidden by KNF screen scraping. In order to set the client’s credit limit, it uses big data. Essentially, what Twisto does is gather information on what sort of devices the client uses (type and model), adds to it behavioural data and GPS information, and assesses the client’s status. While some of the data gathered by Twisto is specifically Czech Republic-related, approximately half can be used in Poland right away.
When Twisto Poland starts working, it will offer buy now, pay later solution to Poles. In the future, it might offer other Twisto services like deferring payments till next month.