Apple partners Santander’s Zinia for BNPL financing services in Germany

Apple Partners with Santander’s Zinia for Payment Solutions in Germany

Key Highlights:

1. Partnership Details:
   • Apple collaborates with Santander’s digital consumer finance platform, Zinia.
   • New payment capabilities will be available for Apple customers in Germany.
   • Financing options include split payments up to 36 months and deferred payments up to 30 days.
2. Customer Process:
   • Customers provide phone number and date of birth for a quick validation process.
3. Implementation Timeline:
   • The deal will take effect in the next few months.
   • Plans to expand the platform throughout Germany and other European countries.
4. Platform Background:
   • Zinia launched by Santander’s Digital Consumer Bank (DCB) in 2022, combining Santander Consumer Finance (SCF) and Openbank.
   • Represents a shift where a traditional bank adopts a fintech-like approach.
5. Statements:
   • Ezequiel Szafir, CEO of Openbank and Santander Consumer Finance, highlights Zinia as a fintech-type product with a fintech-type team and technology.
6. Context:
   • Apple’s existing BNPL service, Apple Pay Later, launched in the US in March last year but not yet in Europe.
   • The partnership with Santander helps Apple enter the European BNPL market.

Implications:

• Customer Experience: Enhances payment flexibility for Apple customers in Germany.
• Market Expansion: Facilitates Apple’s entry and growth in the European market with BNPL services.