Laybuy is launching a digital BNPL card in the UK, allowing customers to use Laybuy for contactless payment in-store. Until now, BNPL has focused on using BNPL as a payment option in an online checkout. The Laybuy digital BNPL card launch means customers will be able to benefit from Laybuy’s pay-in-six instalments in-store.
Customers will need to load the card into their smartphone’s wallet through the Laybuy App. They can buy goods and services with Laybuy as if they were making a contactless payment using a physical card. Laybuy is only issuing customers with a digital card which can be held securely in their smartphone’s digital wallet.
Laybuy digital BNPL card future plans
The firm says that customers retain all existing benefits of using Laybuy. This includes paying no interest and spreading payments in six weekly instalments. Initially, this will be available to merchants that have a relationship with Laybuy but. Future plans will allow customers to use it at all leading retail brands in the near future.
Gary Rohloff, MD and Co-founder, Laybuy says: “BNPL is becoming incredibly popular in the UK. So, we’re delighted to launch ‘Tap to Pay’. People love using BNPL because it’s simple to use, charges no interest and allows people to pay in six manageable instalments.
“The vast majority of our customers don’t like using credit cards. They have been asking us how they can get the benefits of Laybuy, but on the High Street. In fact, 86% percent of our customers looking to return to stores have explicitly requested the option of using Laybuy in-store, too. Today, we’re making that a reality.”
Laybuy share price: down by 56% YTD
Laybuy raised A$35m ($27.1m) from new and existing institutional investors to accelerate growth in the UK in May. The capital raise consists of a two-tranche placement to raise A$35m. A share purchase plan to existing eligible shareholders in Australia and New Zealand will raise up to A$5m. The Laybuy share price continues to endure a rollercoaster ride. At A$0.57 Laybuy is down by 56% for the year to date having peaked at A$1.47 on 17 February.