Crypto-focused shopping site rolls out 'buy now, pay later' feature
"Buy now, pay later" platforms have become increasingly popular among consumers who want a little flexibility when shopping online — and now, one project is bringing this concept to crypto.
Uquid's Pay in 3 feature does what it says on the tin: spreading crypto payments on everyday purchases across three instalments. This means shoppers have 90 days to settle their balances in full — and they won't be charged interest.
The DeFi-focused company says this approach offers a number of advantages. Not only can this ensure payments are timed with fluctuations in a cryptocurrency's value, but consumers can open up a credit line immediately. Users also have the freedom to pay their bill early without incurring a penalty.
Uquid's stated goal is to deliver a "Web 3.0 shopping experience" where crypto plays a starring role in transactions. This can involve staking, mining, and even receiving tokens through airdrops offered by merchants.
The project — which launched back in 2016 — has now partnered with Binance Pay, a platform designed by one of the world's biggest exchanges. As well as enabling users to pay friends and family in crypto, and receive funds from others, it supports more than 40 digital assets. Merchants can also sign up to Binance Pay in order to reach a broader cross-section of customers.
According to Uquid, its offering has never been more important — with data suggesting that 2.14 billion people were set to buy goods and services over the course of 2021, a number exacerbated by the coronavirus pandemic. The e-commerce platform now boasts more than two million physical products — ranging from fashion to jewelry and watches, from appliances to Christmas decorations, and from groceries to entertainment.
The platform aims
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