Mobicred, a South African virtual credit platform supporting online retailers, announced it has surpassed 3,000 retailers in its network. The company says it is adding roughly 150 retailers each month.
Mobicred fits loosely into the “buy now, pay later” space. That is the growing collection of fintechs that give retailers — online and increasingly offline — the ability to offer flexible payment terms to buyers.
Typically, BNPL platforms offer a pay-in-four (or three) model, which allows consumers to spread out payments in four equal, usually interest-free, installments. Consumers may pay a fee, but typically these platforms make most of their money from merchant fees.
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