Company News

November 11, 2024

Santander expands its reach with Zinia’s Buy Now Pay Later (BNPL) through payever

Santander, a leading retail and commercial bank headquartered in Spain, has been payever’s strategic partner since 2014. Through its Santander Consumer Finance (SCF), it collaborated with Openback to launch Zinia, a Buy Now Pay Later (BNPL) service that helps businesses increase sales through a flexible payment option.

About Santander Consumer Finance and Zinia

SCF offers a variety of financial solutions like deposits, savings, loans, and credits, both directly to customers and at points-of-sale channels. The loans it provides enable customers to purchase expensive products with up to 120 monthly installments, including auto loans. Furthermore, SCF has established itself as Europe’s top auto financing bank that serves more than 3 million customers each year, providing more than €1 billion in financing.

Beyond auto loans, SCF is a key player in the BNPL market in Europe and Latin America through Zinia, a service designed to help businesses increase their average transaction value and sales through its flexible payment method. 

With Zinia, customers can shop and pay in 30 days without any additional fee or interest, or spread payment over 36 months with competitive interest rates. This helps businesses boost their conversion rates and revenue, while still being paid upfront that positively impacts their cash flow.

Solution

To make sure Zinia’s service more accessible, payever offered its payment API, the core of its Checkout solutions. They support various use cases, including online payments, in-store transactions, and payments by link. 

This allows businesses already integrating payever to offer an easy BNPL payment option to their customers, without the need for complex systems or specialized hardware. For Zinia, this streamlined approach means it no longer needs to integrate its product directly with each webshop since businesses can simply incorporate payever’s platform.

On top of that, earlier this year Zinia became the financier for Apple in Germany in Apple stores and at apple.de. This allows customers to enjoy an enhanced transaction experience with a simpler payment option via their Apple devices.

Result

For a BNPL provider like Zinia that works with financial and tech companies, e-commerce platforms, or payment providers, simplicity and payment security are essential for success. By integrating with payever’s payment API, Zinia has enhanced the customer payment experience while ensuring strong cash flow for businesses through improved conversion rates and increased revenue. 

Currently, Zinia handles 1.2 BNPL million BNPL contracts and partners with over 75,000 merchants worldwide. These numbers are expected to grow as payever’s solutions continue to help businesses of all sizes and industries.

In the first half of 2024, Santander reported an increase in overall profits by 16%, reaching €6,059 million compared to the same period in 2023. Its Consumer Finance division, which includes Zinia, recorded a 4% profit growth, contributing €1,070 million. The report aligns with Zinia’s increased application installation by 20%.

As of 2024, Zinia aims to expand further across 16 countries and roll out its services across all SCF units. Thanks to its strong strategic partnership with Santander, payever continues to support Zinia’s mission to offer flexible, transparent, and fair payment options.

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