The mad buying season has just kicked off in South Africa, and all retailers, including shops and commercial banks, have begun to put pressure on their customers to either buy now as much they want – on credit – and pay later, or borrow cash and pay back from January or February.
One of the country’s biggest banks, First National Bank (FNB), has also entered into the dance of ‘buy now pay later’.
FNB this week called on its ‘qualified’ Cheque Account holders and Private Clients customers to buy up to four smart devices on their banking profiles dependant on affordability.
The products include laptops, smart phones, tablets, and the Xbox 360. The first of a range of gaming products will be added to the smart device offer.
All devices are offered at 0% interest, with payment over a period of 24 months, the Johannesburg-based bank said, adding that this comes just in time for the festive season gift buying rush.
In the past, customers were limited to one device and would have to buy their current device out at full price if they want to purchase a new device, or wait until the 24-month payment period was completed, the bank said.
Now they can simply add additional devices to their profile through online banking or in a dotFNB outlet.
“The amendment to our smart device terms and conditions is a direct result of customer demand for the ability to purchase a second smart device on their profiles,” Kartik Mistry, head of smart devices at FNB Core Banking Solutions, said in a statement.
“We have long been aware of the fact that our customers use a variety of our platforms to perform their banking transactions and it was therefore a natural extension of our service delivery to include the ability to acquire multiple devices for the multiple banking platform behaviour.”