Digital financier Humm Group (ASX:HUM)
has upped its contactless payment game, following the introduction of the company’s digital card Humm TAPP as an instant and effortless gateway to buy-now-pay-later (BNPL) services.
The online payment tool can be activated and integrated into digital wallets for use across all retail stores registered under the BNPL network operated by Humm Group. The card can be deployed for payment in the same tap-and-go manner as other digital bank cards.
Chief Executive Officer Rebecca James said, “Our customers now have a seamless and intuitive instore payment method at every humm merchant, in a familiar digital wallet experience.”
Humm TAPP is distinguished from other digital BNPL mediums in the sense that it does not require merchant users to perform in-store integration. Humm’s partnership with Mastercard enables the product to be compatible with most common in-store point of sale systems.
Humm explains the advantages of the new feature, “TAPP removes the need for merchants and humm to invest tens-of-thousands of dollars and several months integrating into instore point of sale systems. With immediate access to transacting humm customers, TAPP makes it easier and more attractive for merchants to include humm as an instore payment option.”
This allows shoppers to instantly access funds to purchase their goods or services, utilising a deferred payment plan of up to five fortnightly installments interest free. Humm Group claims the payment method offers a “more seamless and secure payment experience”.
Transactions conducted through the TAPP portal will incur fees at the same rates as other services provided by Humm. TAPP payment solutions are exclusive to registered Humm merchants.
The $500 million payment technology developer currently provides payment services to around 2.7 million customers and operates a buy now pay later network subscribed by 300 merchant users. The company’s target demographics surround millennial spenders, through to young families and small and medium businesses.
Shares in Humm Group (ASX:HUM)
are trading 1.68 per cent higher at $1.03