“Inbank has been specializing in financing solutions for ten years, and we see growing interest in similar services among customers. Compared to traditional financing solutions, the device rental service is a step ahead, as it includes insurance along with an affordable monthly fee. At the end of the rental period, the device is transferred to a new user or recycled, making it a great choice for consumers who want to contribute to a circular economy,” says Piret Paulus, Head of Growth and Business Development at Inbank.
According to Paulus, it’s clear that the subscription business model is becoming increasingly popular worldwide. “This service is gaining traction among consumers, and Inbank has significant experience in developing and offering innovative solutions, so we look forward to expanding this business direction. As a financial platform, our ambition is to scale this service across new European markets.”
Currently, the latest Apple devices can be rented using the "Smart Deal" service at iDeal stores.
Andrius Mežetis, Head of Retail at iDeal, notes that the electronics rental model is an evident global trend, and the enthusiasm of Lithuanians for technology and their desire to own the latest devices will undoubtedly bring it to Lithuania as well.
“A recent market study showed that Lithuanians are more likely to upgrade their devices compared to residents of other Baltic countries, not waiting for them to become technologically obsolete. For this reason, the device rental model should be especially appealing to them. Additionally, this service is convenient and accessible, with monthly payments up to 30% lower than other financing options,” says Mežetis.
Neringa Dulkinaitė, a representative of Inbank Rent, emphasizes that the new service, allowing users to have the latest devices at an attractive price, aims to meet consumer needs.
“We live in a world where technology constantly evolves, and consumers want to keep pace with trends and always enjoy the latest devices. We can now offer our retail partners the 'Smart Rent' device rental service, reflecting prevailing consumer trends,” says Dulkinaitė. “With this service, customers can not only enjoy the latest electronic devices at an attractive monthly payment but also contribute to a sustainable economy and reduce electronic waste by giving phones and other electronic devices a new life. We are delighted to launch with market leaders iDeal, who we believe will help popularize this smart way of enjoying the latest devices while also caring for the environment."
