Russia’s largest online retailer, Wildberries has launched a fintech service for purchase on credit and by installment, the company has announced as reported by TASS.

“Together with banks and microfinance organizations, Wildberries has launched an online service for purchasing goods on credit and by installment. The solution is implemented with artificial intelligence (AI) technologies: a buyer receives a response from a financial institution in a few minutes,” the announcement reads.

Russian buyers can purchase on credit any of the 11 million items of goods on Wildberries, and interest-free installments are available for a number of products from the category “Household appliances and electronics”. In the future, the online retailer will expand its offer of products available for purchase by installment.

“The partners of the new fintech service Wildberries are the brokerage company Direct Credit, as well as several banks and microfinance organizations; in the future, their list will expand. The minimum purchase price is RUB 5,000, and the term of the loan is from 6 to 24 months,” Wildberries said.

“We expect with through borrowed funds, buyers will primarily purchase electronics and household appliances,” the company added.

In February of 2021, Wildberries acquired Standard-Credit Bank to develop existing and launch new services for buyers and entrepreneurs. The main owner and CEO of Wildberries, Tatyana Bakalchuk, became the owner of 100% of shares in Standard-Credit Bank.

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