Payment service Mallpay newly allows you to send money to any other account. In practice, it will offer clients an interest-free loan for up to 50 days and combine benefits deferred payments s credit card a account current.
All those interested in Mallpay’s deferred payment have so far had to pay with its payment card or use the payment button on one of the partner e-shops. Now another option has been added: to transfer money – up to the “credit” limit – anywhere else, similar to paying from your current bank account.
“We will not distinguish what the payment is. So it can be a payment of rent, payment for energy, telephone billing, invoice for services or even the settlement of expenses with friends, “says Adam Kolesa, CEO of Mallpay.
The only condition is to use a Mallpay Plus account. If you don’t already have one, you have to go through an identity check at the beginning (it’s just over BankID) and by assessing the ability to repay. The limit can then reach up to 50 thousand crowns.
The Plus account and the transfer of money to the account are free of monthly fees and other fees, and no interest is paid. It is enough for the client to repay the debt by the 20th day of the following calendar month. A longer postponement or division into several installments is then for a fee.
Mallpay’s deferred payments thus combine the benefits of a credit card and an overdraft. Although there is also an interest-free period for credit cards (with timely repayment), the loan can be drawn mainly by card – other options (cash withdrawal or transfer from the account) are usually significantly more expensive. In the case of an overdraft (current account overdraft allowed), money can be transferred to another account or cash can be withdrawn, but interest is calculated from the first day of drawing (some banks offer a low amount without interest).
Can your credit card do this?
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“In the Czech market, it is still not standard for revolving loans or credit cards that a client could send money from the limit to any bank account. And if so, it is usually procedurally complicated, and in most cases such a transfer also bears a flat interest rate, ”confirms Kolesa. “Mallpay is revolutionary. The client does not pay anything extra for the payment and if he pays it with the following bill, he has the payment completely free of charge. So exactly the same as is used, for example, when buying with deferred payment, “he adds.
“Although Mallpay clients do not have their own account number assigned, payments are sent with a clear identifier and the client’s first and last name are automatically entered in the payee note. All payments are protected by two-factor verification and will go to the beneficiary’s bank in a matter of minutes in the immediate payment mode 24/7, “explains Kolesa. The payment can be entered as an order in the application or in the client zone on computers, or a QR code can be taken.
It is practically a joint account of Mallpay u ČSOB, which is one of the two owners of this fintech company. The second owner is an investment group Rockaway (Titancoin International). Mallpay has been operating since November 2018, currently offering two types of accounts with different benefits. Its biggest competitor is service Twisto.
Petr Kučera
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