Buy now, pay later service launched in UK for the first time

According to foreign media reports, financial technology startup Zilch recently launched the UK's first instant " buy now , pay later " (BNPL) service, and British shoppers will soon be able to pay in instalments .

London-based BNPL company Zilch plans to launch its new instalment and pay-over-time features to coincide with the reopening of non-essential retail businesses next week.

Customers will be able to add the Zilch card to their digital wallet and then make BNPL purchases with just a tap on their smartphone. Like its other BNPL competitors, Zilch allows shoppers to spread the cost of their purchases over four interest-free installments over six weeks .

Buy Now , Pay Later becomes the best way to pay on the go. As high streets across the UK begin to reopen, Zilch’s new Buy Now, Pay Later feature will support consumers to shop in-store while still using flexible and responsible payment options on time, bringing benefits to online retailers that have evolved from BNPL to bricks-and-mortar retailers .

The seamless nature of the product enables retailers to accept offline and online payments from Zillch without having to change any of their current payment infrastructure, as Zillch looks to be part of the return to normalcy post-lockdown.

However, unlike many of its competitors, Zilch is fully regulated by the Financial Conduct Authority (FCA) and has been working with the regulator for over a year , making it a relatively safe bet.

“This new feature is in line with our mission to be the best way to pay anywhere as we create a completely easy and seamless journey for in-store customers that no longer relies on annoying QR codes or barcodes,” said Philip Belamant, founder and CEO of Zilch.

Belamant continued: “Gen Z and Millennials make up a large portion of our customer base and are key drivers of change . They are the main source of inspiration for the continued innovation and improvement of our products . ”

Zilch launched its buy now, pay later feature at a time of accelerated growth. It is reported that its quarterly growth rate exceeded 166%, with more than 125,000 new sign-ups per month. Zilch is also rapidly expanding its internal talent, and has more than tripled its internal headcount to 80 people, and is about to recruit 100 new employees.

U.K.

Buy now, pay later

Zilch