Following this announcement, Zilch Up will be leveraged to provide financial services and products to clients and customers who are usually excluded from mainstream credit. The company is set to create access to credit for multiple individuals in order to build and optimise their financial profile safely and responsibly, without the need to pay for any interest.
The launch of Zilch Up provides all the benefits of the company’s zero-interest, ad-subsidised borrowing, including the ability to improve customers’ credit scores. Clients will be enabled to access the needed tools to increase their credit limits as well. The credit limit starts as little as GBP 50, and the Zilch Up will offer users the same features as the Zilch classic suite of products, with a few important changes being designed in order for the target users to find the new service suitable for their needs.
Customers and users will have the possibility to pause credit and still leverage Zilch as a debit card, through the usage of the Pay Now option, while also earning rewards. In addition, they will have total control over what they can toggle in-app to Credit, and pay a first installment of 50%, while the rest of 50% remains payable over six weeks.
Zilch Up was developed in partnership with UK-based credit referencing agencies (CRAs) and it focused on providing customers with the possibility to benefit from improved credit scores by spending on interest-free credit via BNPL borrowing. At the same time, Zilch Up aims to optimise the overall financial inclusion in the region, as well as create a more inclusive financial ecosystem that offers all the benefits of ad subsidised zero interest payments to all users.
Clients will also soon be given the possibility to receive financial support in the form of credit coaching, as well as the ability to view their overall credit score in the Zilch application. Zilch’s recent strategy of development
The payment technology company announced multiple partnerships and product launches in the last couple of months, covering several different geographic areas around the world.
At the beginning of June 2023, Zilch launched its Ad-Subsidised-Payments-Network (ASPN) solution to third parties, through the use of its open APIs. Following this announcement, the proprietary ad-sales platform was set to deliver its solutions and products for retailer partners and customers, while also focusing on providing clients with more than USD 160 million in savings. This took place by using cashback, rewards, and interest-free credit, according to the press release published at the time.
The company designed this tool in order to make it available through open APIs to any third-party application or card issuer that wanted to participate in its network. Collaborators and partners were given the possibility to access the network of dynamic commissions through the use of APIs, which was set to offer them new revenue streams outside of interchange, in a secure and efficient manner.
Earlier in March 2023, Yapily, an Open Banking platform, announced its partnership with Zilch in order to provide improved overall access to 0% interest swift repayment credit. Throughout this collaboration, Zilch was set to leverage Yapily’s Open Banking platform and expertise to offer an optimized credit decisioning procedure to its clients and customers.
Yapily aimed to enable Zilch to access an individual’s risk and affordability profile in a more accurate manner, compared to standard assessments. This focused on simplifying the customisation of financial choices that were given to Zilch’s clients and their financial conditions. In addition, the collaboration aimed to assist customers in their process of better managing their funds.
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