UK shoppers will soon be able to “tap & pay-over-time” as fintech startup Zilch launches the country’s first instant ‘buy now, pay later’ (BNPL) service.
Zilch, a London-based BNPL company, is planning to launch its new tap and pay-over-time feature to coincide with the reopening of non-essential retail next week.
Customers will be able to add the Zilch card to their digital wallet, then make BNPL purchases with a single tap of their smartphone.
Like its BNPL rivals Zilch allows shoppers to split the cost of a purchase over six weeks in four interest-free payments.
READ MORE: Ebay to begin offering “buy now pay later” scheme
However, unlike many of its rivals, Zilch is fully regulated by the Financial Conduct Authority (FCA) having worked with the regulatory body for over a year.
“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,” Zilch’s founder and chief executive Philip Belamant said.
According to Zilch it has gained over 125,000 new sign ups a month over its last quarter, seeing growth of 166 per cent.
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2 Comments. Leave new
Am I missing something here – first in the UK? Klarna? PayPal? Any Credit Card? All regulated and approved in the UK……
First to introduce tap and pay. You cant go into a store and pay with a card with the ones you mentioned.