No card, no problem. Users of Koin can embark on an online shopping spree not having to worry about the charges and security risks usually associated with credit cards. Those without plastic are able to secure the best online deals – and are no longer ignored by merchants.
Koin is a post-pay app and internet service that assigns its users a credit rating and level that is based on prior transactions. Buyers are rated dynamically as they settle their bills on time via deposits at ATMs. Merchants are able to tap into a much expanded demographic, generating sales and moving away from the model thus far used of registering an online sale, issuing a bill, and waiting for it to be paid before shipping the goods.
The waiting is not always fruitful. In fact, four out of every five transactions eventually get cancelled. Still, sellers have to set aside merchandise, immobilising stock. When the process needs to be reversed, additional costs are generated.
This cumbersome process has now been short-circuited by Koin. Associated online retailers – over fifty as of last count – are able to ship their products immediately, and get paid promptly: Koin manages the entire money trail, up to and including collecting from buyers.
The CFI.co judging panel notes that the service has boosted online sales in Brazil. In barely two years, Koin quadrupled its user base to almost one million. The judges are always pleased to recognise innovation and offer Koin the 2017 Best Payment Solutions Provider Brazil Award.
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