The INSTO App Sets Up Scheduled Payments Between Individuals
Alyson Wyers — December 31, 2016 — Business
References: ins.to & springwise
This app and financial service aims to make anything affordable with scheduled payments. INSTO is described as "the world's first person-to-person payment platform that allows buyers and sellers to schedule payments over time." This lets users plan recurring payments for rent and any other service -- from used cars to dance classes -- as well as providing a platform to buy and sell a variety of goods.
Available through the INSTO app and website, the scheduled payments are automatic and transparent. Parties simply agree on terms and the fintech startup will process payments and send notifications. Payment plan details are also easily accessible at any time. The free service also offers INSTO+, which provides extra protections.
Available through the INSTO app and website, the scheduled payments are automatic and transparent. Parties simply agree on terms and the fintech startup will process payments and send notifications. Payment plan details are also easily accessible at any time. The free service also offers INSTO+, which provides extra protections.
Trend Themes
1. Scheduled Payments - The rise of scheduled payment platforms like INSTO presents an opportunity for businesses to offer flexible payment options to customers.
2. Person-to-person Payment - The person-to-person payment trend embodied by INSTO opens up possibilities for businesses to facilitate direct transactions between individuals, allowing for new revenue streams.
3. Transparent Payment Plans - The demand for transparent payment plans, exemplified by INSTO, creates an opportunity for businesses to build trust with customers and enhance their financial offerings.
Industry Implications
1. Fintech - The rise of person-to-person payment platforms like INSTO suggests potential disruptions in the fintech industry, urging businesses to explore innovative solutions for a more connected financial ecosystem.
2. E-commerce - The emergence of scheduled payment platforms paves the way for disrupting the e-commerce industry by enabling individuals to buy and sell goods directly, bypassing traditional retail channels.
3. Rental Services - The advent of scheduled payments provided by apps such as INSTO offers disruptive opportunities in the rental services industry, allowing for flexible payment options that cater to tenants' needs.
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