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Scheduled spending

06 : 01 : 2017 INSTO : Mobile Money : Finance

California – INSTO is a new person-to-person payment app that enables users to schedule payments and buy or sell in instalments.

  • The app is available for independent sellers, and offers a checkout option for physical and online stores
  • INSTO works by letting users create a fully flexible payment plan on a calendar shared by the buyer and the seller
  • According to a study by Hitachi Capital UK, retailers that don’t offer point-of-sale finance are at risk of losing 44% of potential customers
INSTO app, California INSTO app, California

The app is a world first, and breaks down big purchases into more affordable, manageable payments that can be scheduled and tailored to the needs of both the buyer and the seller. It is available on iOS, Android, and as a checkout option for physical and online stores.

INSTO works by letting users put together instalment plans on a calendar, which is then shared by the buyer and seller. The app can perform a soft credit check that doesn’t affect a customer’s credit rating. On the same day as INSTO’s launch, the company unveiled partnerships with Taiwan banks Taishin Financial and China Development Financial, which will offer INSTO as a new banking product to their customers.

‘People have paid using instalments, in the form of loans or mortgages, for nearly 100 years,’ Bruce Chen, CEO and founder of INSTO, said in a recent press release. ‘But now anyone can do it, on the go, without help from a bank. We’re opening up a whole new economy that previously didn’t have access to this payment structure.’

Recent research by Hitachi Capital UK found that retailers not offering point-of-sale finance are at risk of losing 44% of potential customers. In the same study, 83% of consumers said that the fact that retailers offered finance heavily influenced their decision to purchase.

The Big Picture

An increasing number of apps and technologies are disrupting the financial sector, changing how consumers manage their money and their spending habits. For more, read our Mobile Money microtrend.