UK-based buy now, pay later player Zilch is rolling out a 'tap and pay-over-time' feature that lets shoppers make in-store payments with a wave of their digital wallet, with the cost spread over a six week period.
Zilch opened in beta in 2019, looking to distinguish itself in the crowded BNPL arena by connecting directly with customers and using soft background credit checks performed by Credit Kudos via Open Banking to determine affordability.
Now signing up more than 125,000 shoppers a month, the startup is looking to conquer the high street, bringing the BNPL benefits that are now common online to bricks-and-mortar shops through a Zilch card that can be added to a digital wallet.
Working with Monavate, the company has built an over the top platform meaning that it is merchant agnostic, letting customers tap to pay wherever they want.
Acknowledging the criticism that the BNPL industry has faced in recent months over responsible lending, Zilch stresses that unlike many other UK players, it is fully regulated by the FCA.
Philip Belamant, CEO, Zilch, says: "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."