Jifiti, a global embedded credit technology company, has announced the release of its Tap Now, Pay Later™ technology, allowing consumers and business customers to easily transfer their approved credit or loan amounts via a virtual card to any digital wallet, including Apple Pay, deposit.
The customer can then simply pay with their mobile device at any point of sale, just like with a regular card transaction.
Tap Now, Pay Later™ enables banks and lenders the ability to seamlessly port their own lending programs to any of the leading digital wallets. Jifiti has already successfully rolled out this technology to leading banks and merchants in the US and Europe.
Tap Now, Pay Later™ is a leading component of Jifiti’s white-label, modular, embedded lending platform that enables lenders and merchants to convert more customers from “borrowing” to “spending” through a single platform. For lenders, this means higher credit utilization rates, loan application rates and increased wallet presence. For merchants, this means higher sales and conversion rates as well as business-as-usual reconciliation because it works with their existing system.
Tap Now, Pay Later™ is powered by the company’s proprietary virtual card technology and leverages the world’s most trusted payment channels. It requires no integration with the merchant and can be up and running within a few hours. The technology also eliminates costly point-of-sale integrations and the need for in-store staff training.
Once approved, customers can simply deploy their virtual card to their digital wallet and then tap to pay. Jifiti is one of the first embedded lending providers in the world to offer web push deployment of digital wallets, providing customers with a fast, easy and seamless user experience.
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“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 get the best of both worlds – all the benefits of bank financing combined with the easy tap-to-pay experience they expect. This serves our mission at Jifiti to provide access to affordable and responsible financial solutions when and where it matters most,” said Yaacov Martin, CEO of Jifiti Group.
Jifiti’s white-label embedded lending platform allows banks, lenders and merchants to easily offer financing options at any point of sale via virtual cards, API integration or e-commerce platform plugins. The platform is modular and provides banks and lenders with all the technological tools they need to distribute, originate, approve, disburse and service their loans.