Jifiti, a global embedded lending technology company, announced the release of its Tap Now, Pay Later technology, which enables consumers and business customers to “add their approved loan or credit funds into any digital wallet, including Apple Pay, via virtual card.”
The customer can then “tap their mobile device to pay, as with a regular card transaction, at any point of sale.”
Tap Now, Pay Later allows banks and lenders “to tap into the opportunity to seamlessly ‘push’ their own loan programs into any of the leading digital wallets.”
Jifiti has reportedly rolled out this technology “to banks and merchants in the U.S. and Europe.”
Tap Now, Pay Later is a “component of Jifiti’s white-labeled, modular embedded lending platform, enabling lenders and merchants to convert more customers from ‘lend’ to ‘spend’ through a single platform.”
For lenders, this means higher credit utilization rates, loan application rates and “increased wallet presence.”
For merchants, it translates to “higher sales and conversion rates and ‘business-as-usual’ reconciliation as it works with their existing system.”
Built on top of the company’s proprietary virtual card technology, leveraging the world’s most trusted payment rails, Tap Now, Pay Later requires zero integration “with the merchant and can go live within hours.”
The technology also eliminates costly point-of-sale integrations and the “need for in-store staff training.”
Once approved, customers can “provision their virtual card to their digital wallet and then tap to pay.”
Jifiti claims that it is one of the first embedded lending providers worldwide “to offer digital wallet web push provisioning, giving customers a quick, easy and seamless user experience.”
Yaacov Martin, CEO of The Jifiti Group said:
“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.”
Jifiti’s white-labeled embedded lending platform “enables 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, providing banks and lenders “with every technological tool needed to distribute, originate, approve, disburse and service their loans.”