Peer-to-peer fintech innovations have become increasingly popular in recent years. Back in 2013, we wrote about this peer-to-peer lending platform that allows individuals to borrow money from others for any project. Then we covered a service that enables businesses to take immediate payments from customers online without giving out private information like their personal email and phone number. INSTO is a simple, peer-to-peer payment platform that allows buyers to afford larger expenditures by setting up payments over time, and sellers to set up automatic payment schedules with clients.

Claiming to be the world’s first person-to-person payment platform, the US based startup works as follows. Buyers and sellers sign up to the service via the website or by downloading the app. They agree on the payment terms and the platform automatically processes each scheduled payment, notifying both parties as it does so. Details of the payment plan are easily accessible at any time. The service is free for buyers, and through 2017, for sellers too. INSTO+ protection offers extra protection to the seller, guaranteeing payments up to a total of USD 3,000, and can be paid for by the buyer, seller, or simply absorbed into the purchase price. The platform is designed to help users in two ways: To buy or sell anything from a used car to regular dance classes; and to schedule recurring payments for larger expenses such as rent.

Will we see competitors in this space that offer even more advanced features?

Image source: INSTO

23rd December 2016

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