Tap Now, Pay Later technology enables consumers and businesses to add their approved loan or credit funds to any digital wallet via a virtual card.
Jifiti, a fintech company that powers white-labeled embedded lending solutions for banks, lenders and merchants worldwide, has launched its new solution called Tap Now, Pay Later to offer digital wallet web push provisioning.
To enable the new function, zero integration with the merchant is required. Customers can simply provision their virtual card to their digital wallet and then tap to pay.
The feature is powered by Jifiti’s white-labeled, modular embedded lending platform. It enables banks, lenders and merchants to offer financing options at any point of sale via virtual cards, API integration or e-commerce platform plugins in a seamless way. Banks and lenders can leverage this state-of-the-art technology to deploy and scale any consumer and business financing program online, in-store, in-app, at home assisted and via call center. The platform supports various loan and BNPL option, including installment loans, lines of credit, split payments and business financing.
“To be truly customer-centric, banks and lenders need to make their point-of-sale financing a seamless part of the customer’s payment journey. Today’s payment method of choice is digital wallets. With Tap Now, Pay Later™, customers gain the best of both worlds – all the benefits of bank financing combined with the easy ‘tap-to-pay’ experience they’ve come to expect. This serves our mission at Jifiti, which is to provide access to affordable and responsible financial solutions when and where it matters most.”
Yaacov Martin, CEO of The Jifiti Group.
According to the firm, lenders may benefit from the new service, receiving higher credit utilization rates, higher loan application rates and increased wallet presence. For merchants, it may bring higher sales and conversion rates along with ‘business-as-usual’ reconciliation within their existing system.
White-label embedded finance solutions are among Embedded Finance Trends to Watch in 2024.
