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London-based Klarna rival Zilch announces ‘Tap & Pay-over-time’ feature in the UK

Image credits: Zilch

Zilch, a London-based startup that’s redefining the BNPL (Buy Now Pay Later) market, has introduced a feature that empowers customers to pay later with just a tap. 

Tap & Pay-over-time

Dubbed as Tap & Pay-over-time, this feature will allow customers to pay over time anywhere in-store with a tap in the UK and Europe. 

The UK fintech company unveils this feature at a time of accelerated growth, with its quarterly growth exceeding 166%. 

Further, the company also gained more than 125,000 new signups a month. 

Partnered with Monavate

As the UK’s high streets begin to reopen, Zilch customers will soon be able to add the Zilch card to their digital wallet of choice and easily tap and pay later in-store and spread the costs over six weeks. 

The company has partnered with its fintech solutions partner Monavate to simplify and improve the way its customers pay.

Scott Lucas, CCO at Monavate said, “We’re on a mission to help our clients simplify and improve the way their customers pay. Tap & Pay-over-time does just that – so it is 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.”

Regulated by FCA

Notably, Zilch is fully regulated by the Financial Conduct Authority (FCA), having worked with the regulator for over 12 months to secure a consumer credit authorisation in 2020.

Founded by Philip Belamant and Serge Belamant, Zilch’s unique over-the-top platform means they are merchant agnostic, and customers can tap to pay later wherever they want. 

The platform enables users to keep a 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.

To date, the company has raised £31.4 million in funding.

Soft credit checks

Zilch also ensures responsible lending by combining Open Banking technology with soft credit checks to build a personalised affordability profile for each customer.

With this, they get a real-time view and understanding of a customer’s affordability and won’t lend a customer more than they can afford the payback, removing the possibility of indebtedness and credit-related anxiety. 

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. I can’t stand having to input my PIN when I use a card to pay these days and much prefer my phone as there are no limits when I tap – Our customers feel the same way and this is why we are so excited about bringing this market-leading feature to them soon. This new feature falls in line with our mission to become the best way to pay, anywhere – as we’ve created a completely easy and seamless journey for our customers in-store that doesn’t rely on annoying QR codes or Barcodes. 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.”