Congratulations to our partner Zilch, who today announced the launch of their next-generation payments and Buy Now, Pay Later (BNPL) 2.0 business model offering in the US. Zilch is helping reinvent installment-payment plans by offering its customers zero interest or late charges and cashback rewards.
Zilch’s arrival in the US comes after growing to over two million customers in the 18 months since it launched in the UK, making it one of the world’s fastest-growing fintechs and largest BNPL providers in the country. Zilch’s growth has been supported by its successful partnerships with industry-leading firms in fintech, including Marqeta. Our platform helps provide the behind-the-scenes foundation that allows Zilch to provide consumers with a fast, simple, and secure way to pay.
Zilch’s consumer experience of BNPL includes an easy-to-use virtual card, powered by Marqeta, that enables spending controls tailored to each user. As BNPL continues to gain in popularity worldwide, with consumers drawn to their often interest-free, flexible payment experiences, we’ve seen how their product was a close DNA-fit with Marqeta and the innovations our modern card issuing platform enables.
“In 2020, US consumers paid $120 billion in fees and late charges to credit cards, which we believe is unacceptable and fundamentally misaligned with the interests of consumers,” stated Philip Belamant, CEO & Co-Founder of Zilch. “They are being set up to fail and need more flexibility, especially during a cost of living crisis and a time of surging inflation, to pay for goods and services how and when they want – with a system that avoids late payments and unnecessary, onerous fees.”
Zilch’s customers can pay over six weeks, in four installments, or in one lump sum. Notably, customers who pay in full also benefit from deals and cashback, allowing consumers the freedom and perks of credit services without any cost. Through its partnership with Mastercard, Zilch can be used with 38.7 million retailers globally.
We’ve seen consumers in the US grow increasingly attracted to the payment experiences BNPL solutions offer and are excited to support Zilch’s expansion into the region. Learn about Marqeta’s BNPL solutions here.
