As fintech companies continue to grow, Spanish bank Santander announced it is launching its own “buy now, pay later” (BNPL) application. 

The app, titled Zinia, lets consumers divide their purchases interest-free, month per month, and will start with the Netherlands. The service will also be made available in the U.K., Italy, France and the U.S., as reported by Reuters.

“It’s the first time we see an incumbent bank getting into a field that has been, until now, totally owned by fintechs and with this kind of early success,”  CEO of Openbank and Santander Consumer Finance Ezequiel Szafir said. “We are delighted with Zinia's early expansion and aim to become a leader in the buy now, pay later market."

"Zinia uses artificial intelligence-based credit assessment technology developed by Openbank to make real-time credit decisions with the standards expected from a regulated bank," the company said in its press release Wednesday. "That, combined with Santander Consumer Finance’s scale, and long-standing relationships with merchants makes Zinia a unique, state-of-the-art platform."

"Buy now, pay later" platforms have garnered a great deal of demand as the e-commerce industry boomed amidst the pandemic. Regulators remain skeptical, believing they may cause indebtedness, particularly with younger buyers.