Sofinco launches "A la carte", an all-in-one payment solution

Sofinco, the Crédit Agricole Group's consumer credit brand, has announced the launch of a new card offer called "A la carte". The aim is to offer an all-in-one payment solution for individuals, enabling them to choose a payment facility after the fact. This solution is part of a drive to simplify access to different payment and financing methods, by combining cash, instalments and credit on a single card.

FACTS

• Sofinco is launching a new card offer called "A la carte". The special feature of this offer is that it combines a cash payment solution with financing solutions.
• For use online or in-store, the "A la carte" offer includes :
• A Visa card enabling the user to choose the terms and conditions of their payment: they can choose to pay immediately or in instalments (3, 4 or more).
• A linked application that gives users a complete overview of their spending. They can choose to credit a payment a few minutes after making it, or at the end of the month. In fact, they can go back over their spending and choose to spread all or part of their initially planned expenditure in cash or in instalments.
• A revolving credit with a reserve of up to 10,000 euros. At the time of application, the consumer can initially receive a maximum of 3,000 euros.
• Sofinco also adds three guarantees to the "A la carte" offer to protect goods paid for with the card. These include, for example, an extension of the manufacturer's warranty for up to 36 months depending on the card, a breakage and theft guarantee, and an internet guarantee.
• Customers can also choose between a Visa and a Visa Premier card. The Visa Premier card offers greater withdrawal capacity, a longer warranty than the classic card, and more.

CHALLENGES

• A new way to pay: The "A la carte" offer changes purchasing habits by offering greater flexibility with a single card. Being able to pay in instalments is a way for consumers to better control their spending and retain their purchasing power, even when they want to make big-ticket purchases.
• The emergence of "all-in-one" cards: With "A la carte", Sofinco offers an innovative solution that gives consumers back control over their spending, while still using a financing solution. This all-in-one flexible solution has already been announced by Visa in a recent press release, under the name Visa Flexible Credential. The aim is to go beyond the "one card, one source of financing" model, by offering a card that provides direct access to several accounts, thus acting as an identifier.

MARKET PERSPECTIVE

• Sofinco is aiming to simplify the customer application process for financing solutions. At the end of December, Crédit Agricole's credit brand launched a partnership with MiTrust, with the aim of integrating a data filtering solution directly into the loan application process. This process improvement is also designed to keep pace with innovative players in the sector.
• This post-payment choice functionality has already been offered for several years by Curve in the UK, and more recently by Floa, with its Buy now, Pay whenever offer.