Zilch, a London based start-up is hoping to redefine the burgeoning Buy Now, Pay Later (BNPL) market, with the launch of Tap and Pay-over-time, which will allow customers to pay over time anywhere in-store with a tap.
Helped by its fintech solutions partner Monavate and strategic industry partnerships, 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 a six-week period.
Zilch unveils ‘Tap & Pay-over-time’ at a time of accelerated growth, with its quarterly growth exceeding 166% and gaining more than 125,000 new signups a month. Zilch is also rapidly expanding its internal talent and has more than quadrupled its internal headcount to 80, with 100 new hires on the horizon.
This feature is another step forward in Zilch’s mission to become the best way to pay, anywhere, anytime. 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, therefore opening up the benefits already experienced by online retailers from BNPL to bricks-and-mortar retailers for the first time.
The seamless nature of the offering enables retailers to accept Zilch payments both off and online without changing any of their current payment infrastructures as Zilch hopes to be part of the drive back to normality post lockdown.
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.
Philip Belamant, Founder and CEO at Zilch, explains: “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 actually 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.”
Belamant continues: “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 adds: “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 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.”
Zilch’s 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.