NewDay launches digital only credit card Bip

By Megha Bhattacharya

NewDay, a UK provider of accessible credit, has launched Bip – a completely cardless consumer credit proposition in the UK. Bip has been designed around the customer, offering a fully digital credit experience that is simple to use, fully transparent on costs and with the customer in complete control. Bip customers can apply and have access to appropriate credit within minutes. Bip is available via the App Store and Google Play – and can be added to the digital wallet of the user’s mobile phone.

Sharvan Selvam – Commercial Director at NewDay said: “We worked with our customers all the way through the design, testing and launch of Bip. It is a proposition designed to make credit easy to access, simple to use and, importantly, puts the customer in full control.”

Bip allows customers to set two kinds of spending caps to give them control – including a warning and a freeze cap within the app. Customers can also set spending alerts to ensure they remain in control. They can see how much they could save on interest with the Payment Calculator, allowing them to understand the impact on the interest they will pay by increasing their repayments. Everything is accessed through the Bip app – including a chat function to help customers service their accounts.

Ian Corfield, Chief Commercial Officer at NewDay, added: “We have seen a huge shift in the number of consumers who are swapping their physical wallet for a digital one. Consequently, we believe Bip will have a wide appeal, from early adopters and tech savvy individuals through to more mainstream consumers who are now more comfortable using their digital wallets for payment. This is even more relevant today as changes in spending habits have been dramatically accelerated by the coronavirus pandemic, with cash use falling dramatically from 60% to just 15% of transactions, highlighting our acceleration towards becoming a cashless society.

“Bip is a manifestation of everything we are at NewDay: responsible, transparent and accessible. We want to help our customers – whether they are retailers or consumers – move forward with credit.”