Jifiti has unveiled its latest breakthrough in financial technology, the Tap Now, Pay Later™ system, which facilitates effortless loan deployments for banks through all major digital wallets at any sales point.
This innovation promises to transform the lending landscape by enabling banks and other lending institutions to quickly scale their loan operations, turning potential borrowers into active spenders, thereby capturing a significant market share right at the point of sale.
Based in the US and expanding across Europe, Jifiti, a global leader in embedded lending technology, announced the introduction of its Tap Now, Pay Later™ service. This technology allows both consumers and businesses to effortlessly integrate their approved loans or credit funds into any digital wallet, such as Apple Pay, using a virtual card. The process is as simple as making a payment with a standard card—customers just tap their mobile device on any point-of-sale system to complete a transaction.
The core of Jifiti’s offering is its white-labeled, modular embedded lending platform, which has already been adopted by top banks and merchants. This platform is designed to convert more potential customers from “lend” to “spend” through a unified system, benefiting lenders with higher credit utilization and application rates and merchants with increased sales and conversion rates. Additionally, it supports seamless reconciliation with existing systems, obviating the need for new point-of-sale integrations or staff training.
Jifiti’s platform is built on proprietary virtual card technology, utilizing globally trusted payment frameworks. Remarkably, this technology requires no integration with merchants and can be activated within hours. It also removes the expense and complication of traditional point-of-sale installations.
The company’s CEO, Yaacov Martin, emphasized the user-focused approach of Tap Now, Pay Later. Martin 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.”
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