UK fintech continues to put customer’s first by empowering them to pay later with just a tap
Zilch, a London based start-up redefining the Buy Now, Pay Later (BNPL) market, becomes the first-ever ‘Tap & pay-over-time’ product in the UK and Europe. Helped by fintech solutions provider Monavate and with strategic partnerships from Apple Pay, Google Pay and Samsung Pay, Zilch customers can now easily tap and pay later in-store and spread the costs over a six week period.
Zilch unveils ‘Tap & pay-over-time’ at a time of accelerated growth, recently hitting 200,000 customers and gaining more than 80,000 new signups a month. Zilch has also recently hired Werner Kruger, ex-VP of Data Science at Klarna and Monese’s ex-Chief Analytics Office as Chief Data Officer to oversee risk and help the company achieve its ambitious expansion plans.
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This feature is another step forward in Zilch’s mission to bring more convenience to customers in the most responsible way. As the UK’s high streets begin to reopen, Zilch’s new ‘Tap & pay-over-time’ feature will support consumers to shop instore while still having access to flexible and responsible pay-over-time options. The seamless nature of the offering also allows retailers to accept Zilch payment, both off and online without changing any of their current payment infrastructures.
In line with always putting the customer first, Zilch believes responsibility must be at the heart of lending, with no exceptions. The company was born with regulation at its core and ensures it is lending responsibly to users and encouraging financial wellness practices. Unlike other players in the market, Zilch is fully regulated by the Financial Conduct Authority (FCA), having worked with the regulator over 12 months to secure a consumer credit authorisation in 2020 – a testament to Zilch’s unique approach of placing consumer financial wellness at the heart of its operations.
Philip Belamant, Founder and CEO at Zilch, “At Zilch, we always put our customers first by giving them the freedom to choose where, when and how they shop while offering a responsible and convenient way for them to make payments over time. Integrating with Apple Pay, Samsung Pay and Google Pay falls in line with our mission to become the best way to pay over time, anywhere – we are excited to be partnering with these leaders of convenience and when it comes to making a payment. Our partnership with them is another way that we can create a completely easy and seamless journey for our customers.
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Gen Z and millennials make up a large part of our customer base and are key to driving change when it comes to convenience and transparency – in a good way. The inspiration to keep innovating and bettering our product comes largely from them, and there will be more to come – watch this space.”
Scott Lucas, CCO at Monavate said, “We’re on a mission to help our clients simplify and improve the way their customers pay, which makes Tap & pay-over-time something that does just that – an exciting product to help launch.
Tap & pay-over-time will expand consumer choice in a payments landscape that we know increasingly demands it. Zilch’s ability to innovate alongside changing customer demand is reflected by significant growth to date and ambitious targets going forward, something we’re proud to help make a reality.”
Zilch’s unique over the top platform means they are merchant agnostic and customers can tap to pay later wherever they want. Users can keep track of all their purchases in one place – whether made online or in-store – ensuring they have a transparent view of their finances as well as their repayment timelines. Zilch also ensures responsible lending by combining Open Banking technology with soft credit checks to build a personalised affordability profile for each customer. Tap & pay-over-time is another step forward in Zilch’s mission to put their consumers in full control of their money and make life as convenient as possible.
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