Idea Bank Group has launched a new fintech project. Happy Miles uses GPS technology to develop pay-as-you-drive financial products. It’s the world’s first ‘car loan per kilometer’ concept, where monthly payments vary depending on travelled distance.
Payment per kilometer
‘Pay-as-you-drive’ is the world’s first car loan model where the payments are calculated in strict accordance to the travelled distance. Precise information on kilometers covered is automatically sent to one’s creditor company via a GPS device installed in the vehicle. Monthly payment is the distance multiplied by a KM-based rate, plus a small fixed amount (PLN 235 in the above example).
