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.
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.