Innovative fintech company, Snap Finance UK (Snap), is revolutionising embedded finance with the launch of its virtual card, a more convenient solution for customers seeking flexible ways to pay.
The new proposition makes point-of-sale (POS) finance more accessible and manageable, offering customers instant loan access with more flexibility on how they spend and pay, and full visibility through the Snap Wallet mobile app.
Available across a network of more than 500 retail partners including Euro Car Parts, Bensons for Beds and Halfords, the virtual card can be added to Apple Pay and Google Pay wallets, enabling Apple and Android users a convenient, contactless way to spend. Customers can shop across numerous retailers and spend up to £5,000 during a 30-day window, seeing the impact on their monthly repayment amount in real-time. At the end of this period, unused funds are removed, and the card is closed.
Once closed, the total amount spent converts into a personalised fixed-term instalment plan with flexible monthly repayments of up to 48 months and rates starting at 19.9%, representative 29.9% APR.
Snap’s intelligent credit decisioning and innovative risk-based pricing delivers flexible, transparent finance that adapts to customers’ circumstances - making finance more inclusive and accessible. Supported by its award-winning Income Portal, integrating Open Banking, Universal Credit and HMRC data, which allows customers to verify their income in a way that matches individual needs. Snap’s inclusive approach to lending provides retailers with a chance to reach untapped customers, where traditional credit scores have fallen short and sales may have been lost.
For retailers, Snap’s virtual card solution sends pre-approved customers their way. Customers are ready to shop online and in-store with a pre-loaded virtual Visa card, enabling higher conversion and larger basket sizes while empowering instant payment at checkout. The virtual card requires no integration or additional operational work, meaning retail partners can launch with Snap quickly and easily.
Andy Smith, CEO at Snap Finance UK, said: “Our virtual card is more than a payment tool - it’s a way to give customers greater control and fairer access to finance, including those who have traditionally faced barriers with mainstream lenders. By giving them seamless access to funds that are accessible, secure, and flexible, we make it easier for customers to make essential, quality purchases with confidence, helping them move forward in life.
“Customers can spend their loan across multiple Snap retailers, increasing utilisation, take-up, and overall transactions within their approved credit limit. This helps retailers grow sales quickly and reach a wider customer base, all without the added complexity of integrating into their existing journeys.”