Over the past few years, the BNPL (buy now, pay later) financing option has taken online retail shopping by storm. In nearly all sectors, consumers now have a number of options allowing them to pay for goods and services in installments without having to break the bank.
Now, one project is trying to do the same with crypto. Seeing the potential this kind of financing format has when combined with the expanded reach of cryptocurrencies, especially among the unbanked, Uquid has launched its own Payin3 payments platform. We spoke with Uquid CEO Tran Hung about his project and why BNPL is a perfect match for crypto.
Uquid is the first platform to introduce BNPL to crypto, and we’ve done it by integrating Payin3. This program allows shoppers to split their purchases into three installments, and the first installment only has to be paid 30 days after a purchase is made.
The biggest advantage of crypto BNPL is that users don’t have to worry about credit history checks or ruining their credit scores if they are late with their payments. The people that will benefit the most are the unbanked and younger, more crypto-friendly people.
The amount users will be able to borrow will depend on how much crypto they have. Current;y we only support Bitcoin and our own Uquid coin (UQC), but soon we will be adding a whole lot more.
The world currently has about 1.4 billion adults that are unbanked according to the World Bank (2021 data). These people should also be able to shop online and have access to credit and lending services. By introducing Payin3, we have opened the door to these kinds of services for millions of people.
Sellers and merchants are considered with sales. Given the current economic difficulties, BNPL has proven to be anRead more on cointelegraph.com