Jifiti launches ‘Tap Now, Pay Later’ to enable banks to deploy loans with ease

By Gloria Mathias

Jifiti, a global embedded lending technology company, has announced the release of its Tap Now, Pay Later technology. This technology enables consumers and business customers to easily add their approved loan or credit funds to any digital wallet, including Apple Pay, via a 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 Late allows banks and lenders to tap into the opportunity to seamlessly ‘push’ their loan programs into any of the digital wallets. Jifiti has already rolled out this technology to banks and merchants in the U.S. and Europe. It enables lenders and merchants to convert more customers from ‘lend’ to ‘spend’ through a single platform. For lenders, this means higher credit utilization rates, higher 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 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.

“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,” stated Yaacov Martin, CEO of The Jifiti Group.

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 ecommerce platform plugins. The platform is modular, providing banks and lenders with every technological tool needed to distribute, originate, approve, disburse and service their loans.