Credit, Collections & Insolvency News
NewDay has launched, Bip, the UK’s first completely cardless consumer credit proposition.
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.
NewDay offers credit to a broad spectrum of UK customers, providing accessible credit to close to 5 million people. This includes underserved sections of the market such as existing prime credit customers who may have seen their credit score reduced; and those new to credit who don’t have a full profile with the credit bureaux. At the heart of NewDay is its proprietary technology underpinned by two decades of underwriting experience and intelligence.
NewDay has seen digital wallet and contactless use of its other products more than double in the past year, from around 8% in August 2020 to 20% in June 2021 across customer retail spending. This is in line with wider trends, with 13.7 million people in the UK leading a “cashless life” last year (2020)1 and this accelerating due to the pandemic, and with the UK predicted to be a cashless society by 2026.2
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.”
Ian Corfield, Chief Commercial Officer at NewDay, said “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.”