24 October 2016


Retired Member

1,975Posts 6,433,871Views 2,303Comments
Finextra community

Transaction Banking

A community for discussing technology trends, views and perspective in global transaction banking

Credit payment without card

19 February 2013  |  3331 views  |  1

Last week NetPosti (Itella, local postoffice) provided new payment option for their virtual post office in Finland.

Idea is neat and I already see global copy cats to use same idea in larger percpective.  When consumer gets bill to his virtual mailbox hosted in this case by Itella, he has option to pay bill traditional way or apply loan from Collector AB (Swedish consumer loan company). Appliaction is simple process, consumer clicks apply loan, fills out only his email address, social security number, mobile number and selects his yearly income. After that he is identified with online banking codes (legal and valid method in Finland), after successful authentication his credit score is automatically checked and loan is approved. Now he can pay his bill by new loan. Rest of the loan stays inside Netposti system for future payments.

In my mind similar and really global idea would be for example Company X hosted Virtual MailBox, where consumer gets all his bills and other mails. There would be several payment method inside and then for example in my scenario several loan providers. Consumer would apply loan and would get approval instantly. Like in case Finland, rest of the money would stay in Virtual MailBox. And adding new loan to pay old loan would be restricted.

To make this even lucrative, all online stores could add this as payment option, where all the online orders are sent. Only when payment is done, orders are shipped. 


Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 20 February, 2013, 16:34

NACHA EBIDS delivers bills via Internet Banking portals. Bill Me Later (BML) provides online credit on ecommerce websites on the fly i.e. without prior registration. Although it was piloted back in 2005, I think EBIDS was finally launched in the USA only last year. BML - later acquired by eBay - has been around in the USA for over 5 years and, by now, it might've entered Europe via Amazon and other e-tailers.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Latest posts from Retired

Fintech innovation in the B2B space has only just begun

12 September 2016  |  10607 views  |  1 comments | recomends Recommends 0 TagsPaymentsInnovation

Protecting Data with DLP

23 August 2016  |  5034 views  |  0 comments | recomends Recommends 0 TagsSecurityBrexit

How to end what ails online commerce

22 August 2016  |  4587 views  |  2 comments | recomends Recommends 0 TagsPaymentsTransaction banking

What internet retailers need to know about Google’s recent webspam report

08 August 2016  |  8286 views  |  0 comments | recomends Recommends 0 TagsPayments

Modelling fixed income: Why realtime analytics are key

29 July 2016  |  5262 views  |  0 comments | recomends Recommends 0 TagsPost-trade & ops

Retired's profile

job title
member since 2014
Summary profile See full profile »

Retired's expertise

What Retired reads
Retired writes about

Who's commenting on Retired's posts

Hardeep Singh
Ketharaman Swaminathan
Graham Seel
Gerard Hergenroeder
Konstantin Rabin
Matt Schofield
Anna Robert
Ian Davis
Steve Patel
Aparty Behera
Karim Maalouf