The fintech disruptor Philip Belamant wants to see a change in the BNPL industry, and he’s doing something about it. In a recent interview, Philip Belamant talks about how the buy now pay later industry needs to change its unfair practices in order to better serve its customers.
His new creation the Zilch app allows stores to accept payment in installments both in brick and mortar stores and online this has allowed for a major change in the BNPL industry.
A lot of people have been unhappy with the buy now pay later companies, they charge users a lot of interest on their balances, and people who have bad credit or have never had credit before often can’t use the system because they are ineligible. The BNPL industry is undergoing change as more people are becoming aware of how unfair the system is.
In 2017 Philip Belamant started looking into how the buy now pay later industry was working and was shocked by what he saw. He knew that there were things that needed to be fixed in order to make the buy now pay later industry better for people.
He started his own company the Zilch app in order to create a system that was fair and that would take care of its users. His main goal was to create a system that would allow people with poor credit or no credit people to have a way to buy things now and pay for them later, in installments.
He wanted his app to be an easy way for anyone to use the BNPL industry without being charged exorbitant interest rates. He knew this could be done if the company made sure it had a user-friendly design and functions that were easy for everyone to master. Philip Belamant and his team worked hard in creating the app in order to make sure that it was user-friendly.