Jifiti has 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. As per the announcement, the customer can 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 push their own loan programs into any of the leading digital wallets. Jifiti has already rolled out this technology to banks and merchants in the US and Europe. The press release continues to state that Tap Now, Pay Later™ is a key feature of Jifiti’s customizable Embedded Lending platform. It allows lenders and merchants to transition customers from borrowing to spending through a single interface.

For lenders, this results in increased credit utilisation, more loan applications, and greater presence in customers' wallets. For merchants, it means higher sales and conversion rates, along with effortless integration into their current systems. Built on top of the company’s proprietary virtual card technology, leveraging trusted payment rails, Tap Now, Pay Later™ requires zero integration with the merchant and can go live within hours.

The technology intends to also eliminate costly point-of-sale integrations and the need for in-store staff training. Once approved, customers can simply provision their virtual card to their digital wallet and then tap to pay. About Jifiti 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. Towards the end of 2023, Jifiti secured an Electronic Money Institution licence in Europe to provide its customers with optimised payment solutions. Following this announcement, Jifiti would further optimise its payment services to meet the needs, preferences, and expectations of its bank, lender, and merchant customers in Europe, as well as end-users and clients.  The Electronic Money Institution licence will also be leveraged to optimise the company’s robust compliance and regulatory standards, which also include the PCI/DSS certification, SOC2 certification, and ISO 27001 certification.

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