A new option has emerged for those who do not have a credit card or find it difficult to cancel their consumption in a single payment. that’s how it works
The recent times saw an acceleration of inflation with the Consumer Price Index, which stood at 7.4% in July, this means that Argentina has to use its ingenuity even more when it comes to managing its finances and at times, financing purchases in installments is the best option., But there are two problems at the moment: on the one hand, that Many Argentines do not have access to a credit card and, on the other hand, this is sometimes a tool that is expensive to use.,
It happens that, as the Central Bank of the Republic of Argentina (BCRA) increases fixed-term yields, the cost of credit increases and it becomes more difficult for a credit card user to access consumer financing offers in installments without financial costs. Is. They are charged exorbitantly for doing so.
Similarly, as was said, there are people who do not have access to a credit card or have a very low balance enabled to use it. However, the deployment of debit cards is stronger, driven by various banking strategies, such as digitization of salary payments, retirement and social support, that the government and banks have implemented, especially during and currently, during the pandemic. There are 60 million such cards in the country so far.,
Pay in installments with Debit Card: How does it work?
face that reality, Born GOcuotas, an Argentine fintech created by three Cordovan entrepreneurs that allows any debit card purchases to be quoted (ie paid in installments) without interest, Thus, the total amount of the operation is divided into four equal parts and the first installment can be paid on time and the balance after 30, 60 and 90 days.
“Many people start consuming to beat inflation. and we offer them a choice Make your purchases easily and in interest free installments“, Emiliano Canova, co-founder and CEO of GOcuotas, explains of the proposal.
To use this service, the user has to download the application and register with the data of his debit card, his National Identity Document (DNI) and his cell phone. Registration can be done before or during purchase and, once completed, you can buy in 2, 3 or 4 installments without interest, with your debit card, without the need to issue a new one.
Rising prices increase the need to finance the purchase.
Good thing it’s uninteresting because the GOcuotas model does not impose fees on the user and charges a commission per sale from affiliated businesses which is around 7.5% on averageSame cost as the Now3 plan.
benefits offered by the offer
“For this commission we give you the potential to reach new customers, increase sales and increase the average ticket by 47%, as the customer can pay up to 4 payments instead of the total”, they explain to the company.
They also state that They have the highest security standards, because once the identity is confirmed, the card data is not saved, but what is done is to tokenize it and after 30 days future debits will be made on that token. go.
So far, the proposal is getting a strong acceptance, because This fintech is growing at an annual rate of 500%, it already has some 300,000 users and processes approximately $500 million worth of transactions every month.With an average ticket price of $13,000.
The strongest markets in which it operates are Rosario, Cordoba, San Juan, Buenos Aires and Corrientes, and the main commodities in which it is used are clothing and footwear, multi-commodity, electronics, perfume and beauty.