Buy Now, Pay Later (BNPL) start-up Zilch has launched a new service which enables customers to ‘pay-over-time’ in store with just a tap.

According to the London-based company, this will be the “first-ever” product of its kind in the UK and Europe.

The Klarna rival has seen quarterly growth of more than 166 per cent and has gained more than 125,000 new signups in a month.

The FCA regulated FinTech said that as High Streets start to reopen, the new feature will support consumers to shop in store while still having access to the buy now, pay later option.

Zilch customers will soon be able to add its card to their digital wallet and tap and pay later in store, spreading the cost over a six-week period. Retailers will be able to accept Zilch payments both off and online.

The company is already regulated by the UK’s finance watchdog and has consumer credit authorisation.

“I can’t stand having to input my PIN when I use a card to pay these days and actually much prefer my phone as there are no limits when I tap – our customers feel the same way and this is why we are so excited about bringing this market-leading feature to them soon,” said Philip Belamant, founder and chief executive, Zilch. “This new feature falls in line with our mission to become the best way to pay, anywhere – as we’ve created a completely easy and seamless journey for our customers in-store that doesn’t rely on annoying QR codes or Barcodes.”

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