To develop the financial services of the future, BNP Paribas takes an open innovation approach. The Group has launched several initiatives to co-construct these solutions with startups in the Fintech and Insurtech fields.
BNP Paribas Cardif, the insurance subsidiary of BNP Paribas, advises and supports PayCar.
Since August 2015, the startup has marketed a payment solution to secure peer-to-peer transactions when buying and selling used cars. PayCar’s solution replaces bank checks, which no longer fully satisfied users, hampered by the burden of using checks and increasingly exposed to the risk of counterfeit checks, nor banks, due to high processing costs.
Vincent Marty-Lavauzelle, Aldair Angola and Mike Waldman
How does it work?
With PayCar, the transaction between buyer and seller takes place through a mobile app.
From their phone, the buyer can transfer the funds needed for the transaction into their PayCar account. In front of the vehicle, on the day of the sale, they can transfer the total amount in just a few clicks to the seller’s PayCar account.
As BNP Paribas Cardif already offers many other services for cars (car insurance, extended warranties, etc.), the solution designed by PayCar is an especially interesting addition for providing complete service to its customers.
For its part, PayCar benefits from the Group’s expert advice and global reach, in order to expand in France and internationally.
« PayCar is a simple and secure way to carry out the purchase or sale of a used car. » Vincent Marty, Chairman and Founder of PayCar.
PayCar is a simple and secure way to carry out the purchase or sale of a used car.
Catch up with PayCar on the BNP Paribas Lab at Viva Technology
From June 30 to July 2 at Paris Expo Porte de Versailles
Read more