CFT PayStep

2021: Start of service for payment of goods in instalments without interest and execution of credit agreement

In mid-December 2021, the Financial Technology Center announced CFT the launch of a share payment service (BNPL). It's called PayStep. The first partner in this project was "."MegaFon

In the case of this mobile operator, the new service allows you to buy any goods in MegaFon salons worth up to 30 thousand rubles, dividing the payment into four equal parts. When buying, the customer contributes 25% of the cost in the retail store. Then, once every two weeks, you need to pay another 25% or repay the balance ahead of schedule with a single payment.

Russia launched a service for paying goods in installments without interest and issuing a loan agreement

The new payment format does not provide for fees and interest, and also does not require the conclusion of a loan agreement. Unlike installments and loans for making purchases in parts, you need to provide a minimum of information: phone number, name, date of birth and photo. The service registration process takes about two minutes and is provided to citizens of the Russian Federation and the CIS countries, MegaFon noted.

As Kommersant explains, BNPL services in Russia already exist in the ecosystems of Tinkoff, Yandex and Ozon, installment cards are issued by HKF Bank and Sovcombank. But in these cases, the structure has banks, which means, in accordance with the requirements of the Central Bank, installments should be issued as a consumer loan. When making a partial payment using the CFT platform, it is not necessary to identify the client and create a contract.

The platform PayStep designed for retailers who do not have the opportunity to develop such a service on their own, and in the future third-party creditors. She will earn on commissions from retailers, an indicative rate of 10% for offline and 5% for online. The average check is 30 thousand rubles. The installment period is six weeks, Nikolai Smirnov, a member of the board of directors of the CFT, told the publication.^[1]

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