BNPL, an alternative credit form which allows consumers to spread the cost of a purchase over a certain number of instalments, has become an increasingly popular way to use credit - especially among younger people - with the UK sector growing by 39% a year. BNPL is expected to gain traction especially given the income uncertainty due to the pandemic, according to the official press release.
Zilch offers a BNPL Mastercard solution that enables its customers to shop at any online retailer, spreading their payments over several instalments. As millions of individuals continue to struggle financially because of the pandemic, the company focuses on affordability to ensure that their customers can afford to repay their deferred purchases. It does so by using Credit Kudos’ Open Banking powered real-time insights, providing a breakdown of a customer’s expenditure, a comprehensive view of their financial situation as well as predicted and historical spending analysis.
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