Zilch credit payment product enables customers to spread cost of larger purchases over longer period — Retail Technology Innovation Hub

 

Philip Belamant, CEO and Co-founder at Zilch, says: “In the past three years, we have successfully delivered more than 50 million customer transactions and £2 billion in customer spending, yielding us extensive behavioural datasets.”

“This is because customers today use Zilch on average more than 100 times annually to manage their day-to-day spending across debit and credit. Today’s product launch moves us closer to our end game of capturing total share of wallet.”

“This new payment option is tailored for significant purchases or emergency moments, such as buying electronics, car tyres or home repairs like when the boiler breaks.”

“As Zilch is FCA regulated, customers can spend with the confidence that every payment over £100 is covered under section 75 of the Consumer Credit Act. It’s simply the best way for any adult to pay – especially in today’s economic climate.” 

Will Prosser, Director of Digital Marketing and CRM at TUI UK & IE, says: “The launch of Pay over 3 months is fantastic news for Zilch customers and consumers everywhere, giving them the option to spread the cost of larger purchases over a longer period.”

“It’s a great tool for supporting people in managing their finances when buying bigger ticket items like a holiday and it’s important to us that we provide our customers with choice. Partnering with Zilch, who offer zero interest or fees, is one way we’re adding value and peace of mind for our customers.” 

Other merchants choosing to fully subsidise customers’ cost of credit through their advertising spend include Lego, Nike and Morrisons. Alternatively customers can Pay over 3 months, for an up-front fee starting at £2, at any of the 38 million merchants who accept Mastercard worldwide.