NovaPay has launched a new credit card product that allows users to manage both personal funds and credit in a single mobile wallet, the company announced.
Cardholders will now have access to two cards within the NovaPay app: a primary debit card for salary credits and post-payments, and a credit card for everyday purchases. The credit card offers a grace period of up to 62 days with a nominal interest rate of 0.00001% per annum on transactions made during that time.
The grace period applies to payments for goods and services in stores, online purchases, mobile and utility bills, internet, TV, insurance, education, taxes, charity, and delivery services by Nova Poshta, including post-payment.
Users can apply for the card in just a few clicks via the NovaPay mobile app. The process includes:
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Selecting the "Loans" section on the home screen and clicking "Issue a credit card";
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Waiting up to 10 seconds for a credit scoring result;
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Reviewing terms and the available credit limit;
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Confirming the card issuance with an SMS code.
“The launch of a credit card is a response to user demand for flexible solutions for daily expenses,” said Bohdan Hryvko, NovaPay’s Director of Risk Management. “We’ve seen strong interest in our credit products — our credit portfolio grew 2.5 times last year, surpassing 1 billion hryvnias ($25.5 million). Ukrainians want quick, convenient access to credit with clear terms.”
The card has a maximum credit limit of 200,000 hryvnias ($4,806). The base annual interest rate is 60%, with a real annual rate of 79.59%. The line of credit is revolving, meaning the limit is restored automatically after repayment.
NovaPay, part of the NOVA group (Nova Poshta), is an international financial service provider that has operated for nearly 13 years. It offers online and offline payment services at more than 3,600 Nova Poshta branches. It was the first non-banking financial institution in Ukraine to receive an extended license from the National Bank, allowing it to open accounts and issue cards.
The new credit card integrates products from two entities operating under the NovaPay brand: NovaPay LLC and NovaPay Credit LLC.
NovaPay recently updated its mobile app to include three new services.