The recent period has seen an acceleration of inflation with the consumer price index, which stood at 7.4% in July, this means that Argentina needs to be even more resourceful in managing its finances and sometimes financing its purchases in installments is the best option.But there are currently two problems: on the one hand, that Many Argentinians do not have access to a credit card and, on the other hand, it is sometimes an expensive tool to use.,
It turns out that as the Central Bank of the Argentine Republic (BCRA) raises forward yields, the cost of credit increases and it becomes more difficult for a credit card user to access financing offers at the consumption in installments without financial costs. East. They are charged exorbitantly for this.
Likewise, as has been said, there are people who do not have access to a credit card or have a very low balance authorized to use it. However, the deployment of debit cards is stronger, driven by various banking strategies, such as the digitization of payment of salaries, retirement and social support, which the government and banks have implemented, especially during and currently during the pandemic. To date, there are 60 million such cards in the country.,
Paying in installments with the debit card: how does it work?
face this reality, Born GOcuotas, an Argentinian fintech created by three Cordovan entrepreneurs that allows you to quote (i.e. pay in installments) any purchase by debit card without interestThus, 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.
“A lot of people are starting to consume to fight inflation. And we’re giving them the choice Make your purchases easily and in interest-free installments“, Emiliano Canova, co-founder and CEO of GOcuotas, explains the proposal.
To use this service, the user must download the application and register with their debit card data, National Identity Document (DNI) and mobile phone. Registration can be done before or during the purchase and, once completed, you can buy in 2, 3 or 4 interest-free installments, with your debit card, without the need to issue a new one.
Rising prices increase the need to finance the purchase.
Fortunately it is of no interest because the GOcuotas model does not impose user fees and takes a commission per sale from affiliated businesses which is around 7.5% on averageSame cost as the Now3 plan.
advantages offered by the offer
“For this commission, we give you the opportunity to reach new customers, increase sales and increase the average ticket by 47%, because the customer can pay up to 4 payments instead of the total”, explain they 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 tokenize it and after 30 days future debits will be made against that token . go.
So far, the proposal is gaining strong acceptance, because This fintech is growing at an annual rate of 500%, it already has some 300,000 users and processes around $500 million in transactions each month.With an average ticket price of $13,000.
The most powerful markets in which it operates are Rosario, Cordoba, San Juan, Buenos Aires and Corrientes, and the main products in which it is used are clothing and footwear, multi-products, electronics, perfumery and beauty.