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Bankinter Consumer Finance launches 'bkswipe', a disruptive app for non-customers of the bank that allows them to manage payments globally and pay in instalments | Bankinter Corporate Website
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Bankinter Consumer Finance launches 'bkswipe', a disruptive app for non-customers of the bank that allows them to manage payments globally and pay in instalments

With this service, Bankinter Consumer Finance is looking to burst into the payments business with an innovative concept that goes beyond 'buy now pay later', seeking to capture new customers with a young profile who want a unique digital solution to manage their payments and split payments without changing banks.

 

Users can recover money from any expense made up to three months earlier with any bank account, getting back money from bills paid, purchases made, transfers sent or even Bizum payments, in order to split these expenses.

 

The app provides a virtual current account and debit card and, in addition, credits users 1% of the total amount of purchases made with the card every month.

Bankinter Consumer Finance launches an innovative service that aims to revolutionise the payments business. This is an app called 'bkswipe', aimed at non-customers and allows them to manage and make payments on all the accounts they hold – easily, quickly and on a single platform, without leaving the app.

One of the main services that bkswipe includes is the possibility of recovering and splitting current or past payments made with any account, both the Swipe account and any other bank account. Money spent by any payment method can be recovered: transfers, bills, card purchases or even Bizum payments. This way, the customer chooses the transaction they want to 'swipe', is credited instantly and chooses how to return the money, all at a minimum monthly cost. For example, swiping on your mobile phone – on an already-paid bill of €100, allows you to recover that amount at a cost of €0.60 per month in three monthly instalments – that is, a total cost of €1.80. If the amount is €500, the cost would be €3.60 per month.

New app customers will not only be able to manage payments from a single account, but will also have the option of adding all the accounts they have with other banks. ​​​​​​​

Each user will have an initial financing of around €500, which is adjusted according to their spending and income profile.

In short, thanks to customer experience, analysis and knowledge of customer behaviour, Bankinter Consumer Finance is able to offer 'swipe' financing, consisting of a line of credit that allows users to defer account transactions. This is very similar to the "Paga Cómodo" service that Bankinter Consumer Finance launched a year ago with great success for Bankinter customers.

With this type of split payment, the bank wants to reinvent the field of payment methods by creating a revolutionary solution that goes a step beyond the concept of buy now pay later, which in recent years has gained ground in the field of payment methods both in financial institutions and in fintech.

Swipe brings other advantages to the app's new customers. New customers will have a current account and a virtual debit card, which they will be able to top up via a transfer, Bizum or any other bank card. In accordance with sustainability criteria, the card is virtual and will only be issued in physical format at the customer's request.

 

Credit in account of 1% of purchases and at no cost other than that of splitting payments

Another advantage for users is that 1% of all purchases made with the card will be credited to their account.

After a very innovative registration process focused on positive customer experience, customers will be able, at a glance, to manage all their expenses, swipe (split) their transactions and recover this amount instantly, choosing the term they are most interested in, with a maximum of 36 months.

 

The app will only charge a fee for the service of splitting the expenses to be recovered. All other features are available free of charge.

 

New feature unique in the market: change PINs without going to the ATM

With bkswipe, Bankinter Consumer Finance has sought to build a solution based on a 100% digital experience, without any interference from the physical world. Within this framework, it has included a new feature unique in the market, which allows for changing the card PIN from the app itself, without having to go to the ATM.

Bkswipe is available in the Apple and Android app stores.

 

Objective: capture more customers and grow in business

As Alfonso Saez, General Director-Manager of Bankinter Consumer Finance, explains, 'we have designed a disruptive app at a time when the financing market is experiencing a rapid shift towards new models, driven by a factor as decisive as the change in consumer habits. Just as TV consumption has long since shifted to series and film platforms or real estate brokerage replaced physical channels with digital platforms for searching for home rentals purchases, in the world of payments, we have detected that users require a convenient and unique financial solution that allows them to go beyond making small or medium-sized payments in their day-to-day activities and to have access to instant and controlled financing'. Alfonso Saez also stated that 'with bkswipe, we overcome the currently prevailing concept of "buy now pay later" thanks to our technology', adding that 'this new service pursues a double objective, focused on increasing new customer acquisition beyond Bankinter Group and, at the same time, increasing the volume of business in short-term financing'.

Ana Garrido, Deputy General Manager of Bankinter and Director of Payment Methods, said that 'we have created an innovative solution, unique in the market, through which we want to meet the demand of a 100% digital target audience, especially young people, who are mainly looking for convenience, which in this case means having a single interface to manage and make their payments from their mobile phones. This is about a target user who is not willing to give up, for example, future leisure plans that they have to pay for in the present and who find it convenient to recover payments already made in exchange for a monthly fee'.

The new app is designed for users with a digital profile who prefer a faster and simpler payment experience, who are looking for convenience and transparency. In this framework, the marketing process will be carried out solely through digital channels, including social media and digital marketing tools. ​