From a loaf of bread to a smartphone: the Ukrainian bank has launched installment payments for everything

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The demand for installment payments without overpayments among Ukrainians is stable near record levels, as evidenced by data from the Google Trends service, which measures the popularity of search queries. Since the beginning of the war, “paying in installments” is confidently ahead of “cash loan” in the search engine ranking.

There is nothing surprising in this, given the high interest rates on loans. Nevertheless, payment in installments until recently remained mostly a tool for purchasing household appliances and electronics, which significantly limited its convenience in daily use.

Ukrainian Unex Bank, which launched a universal bank, set out to break this stereotype installment card Med. Paying with a card, like a regular bank card, its owner automatically buys any goods and even services in the network of trade partners of the program within the limit of up to UAH 50,000 in installments for up to 12 months.

So, in effect, it allows you to buy now and pay in equal installments up to 12 months, anything from a loaf of bread in a supermarket to a smartphone in an electronics store. Without overpayments, advances, interest or commissions – the real annual interest rate, calculated according to the NBU methodology, is 0.0001%.

How does installment payment work?

Of course, nothing is free in the world. The lender must receive payment for the loan. However, in the case of payment in installments, the store pays the interest for the consumer.

It is beneficial for the latter to buy more goods from him: he will earn less on each individual unit, but in general he will sell more, so in the end he will receive a larger profit.

That is why payment in installments with the Med card is possible only in stores that have joined the program and accept the card for payment. But what exactly the buyer wants to buy in installments does not matter.

In August, the Med program was joined by the Fozzy hypermarket chain, Foxtrot, one of the largest electronics and household appliances chains, the Fishki online store, and several medical centers.

You can also use the card to pay in Zzhuk stores, at Socar gas stations, in pharmacy chains (ANC and others), WINETIME stores, and a number of other card partners, of which there are already more than 2,000 throughout Ukraine.

“Actually, with the Med installment card, you can pay in installments for any product, buy medicine, fill up your car with gasoline. To do this, you only need to attach the card to the terminal, paying at the cash register,” says Unex Bank marketing director Alina Kompanets.

Depending on the conditions of the store, installments from 1 to 12 months are applied to all purchases. And in the free application Med, which can be downloaded from the Google and Apple markets, the amount spent, the term of its payment and the size of the monthly payment are displayed.

You can buy the Honey card many times within the set limit. As soon as a part of the installment is repaid, the released amount is again available for payment in installments.

How to get a Med card?

While the Med card can only be virtual – it is issued online after installation on the client’s smartphone of the free application Med. That is, it is possible to pay with it using GooglePay or ApplePay wallets.

But physical Med cards will soon be printed, which can be obtained at Unex Bank branches and partner networks, Unex Bank says.

“In order to get a Med card, you must first install the application on your smartphone, fill out a questionnaire and undergo verification and identification.

All this can be done by yourself – the procedure is quite simple and takes only about 10 minutes. For this, you don’t need to go anywhere or prepare piles of documents,” adds Alina Kompanets.

During the registration procedure, the bank checks the credit history and calculates the individual installment limit. After signing the contracts with an electronic signature, the bank issues a virtual Med card and sends its data to the client.

The latter only needs to add the received data to the GooglePay or ApplePay wallet. After that, you can go to the nearest partner store for shopping and pay in installments. The list of the latter is constantly expanding and you can familiarize yourself with it at Unex Bank website.

Paying in installments with the Med card is also convenient and profitable. The amount of all purchases is divided into equal parts, which must be paid only once a month. This can be done in several ways.

For example, in the free service on the Unex Bank website, or in the City24 or EasyPay terminals – there is also no need to pay a penny of commission.

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