Apple Partners with Santander’s Zinia for Payment Solutions in Germany
Key Highlights:
- 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.
- Customer Process:
- Customers provide phone number and date of birth for a quick validation process.
- Implementation Timeline:
- The deal will take effect in the next few months.
- Plans to expand the platform throughout Germany and other European countries.
- 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.
- Statements:
- Ezequiel Szafir, CEO of Openbank and Santander Consumer Finance, highlights Zinia as a fintech-type product with a fintech-type team and technology.
- 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.
