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A POS loan at Post Bank can be issued completely online
Post Bank customers who buy goods on credit in online stores and partner marketplaces can fully issue a loan remotely. The agreement is signed in a mobile application or in Internet banking using a simple electronic signature (PEP).
As noted in the press service of Post Bank, the new technology will expand cooperation with marketplaces, attract new partners from the e-commerce segment and increase its share in the POS market by 10% to 20,5%.
Such a loan is available to the buyer when choosing the "Buy on credit" option in the partner online store. From there, he will be able to go to the Post Bank mobile or Internet application using a link or QR code. Next, you need to check the data on the loan (amount, term, repayment schedule) and confirm the signing of the loan agreement by entering the short code from the SMS. After that, all that remains is to receive the purchased product.
As noted by Andrey Pavlov, Vice President, Director of Partnership Network Development, such design is beneficial for all parties. The buyer gets convenience, the bank gets new e-com partners and an increase in online loans and customer loyalty. And retailers will be able to increase sales.
By the end of the year, Post Bank plans to sign about 25% of repeated loan agreements remotely, in the application. Next year, they want to bring this figure to 100%. The Post Bank's partner network has more than 5,5 thousand online sites, including regional ones.
At the same time, the e-commerce market has been growing steadily since 2019. In 2020, it has grown from 6% to 9%. Last year, Russians placed 830 million orders in online stores, which is 78% more than in 2019. In 2021, experts also expect market growth, which in monetary terms will reach RUB 10,9 trillion. And the web-pos lending market in 2021 is growing at an even higher rate than the e-com market as a whole (55% versus 41%). Since 2019, the share of online channels in total sales of POS loans has grown from 6% in 2019 to 17% in 2021. In Post Bank, online sales of POS loans for 9 months of this year increased by 16% compared to the same period in 2020 year, and the number of applications for such loans increased by almost 20%.