78489Tymit: Instalments as a better form of borrowing to help economic recovery from Covid-19.ClosedCollaborative R&DInnovate UKCredit cards provide a secure and protected way to pay for goods and services, with card holders able to repay at a schedule that suits them. However, traditional revolving credit can be very opaque in terms of interest and users can find themselves in persistent debt due to just paying the minimum monthly payment each time. Instalment credit is proving popular with consumers and regulators as the user has a clear timeline to pay off the product and can be clear how much interest is charged to that particular purchase. Covid-19 has severely impacted the UK economy as a whole and impacted many individuals personal finances due to furlough and redundancy affecting more than one in four workers. Whilst a temporary measure for the majority this has impacted consumer confidence and thus many sectors are still suffering as the country emerges from lockdown. We aim to develop and provide a wide reaching instalment credit product that provides users with flexible, transparent instalment options that can be changed and viewed within our app. Tymit have developed a Fintech app enabled credit card that facilitates instalment payments. Our notification enabled system allows users to select their instalment plan after purchase and modify terms whilst always knowing how much an item will cost them including interest, view spend analytics, bundle purchases into a specific instalment plan and a simulator function to assess affordability. Tymit is available in the UK and merchant agnostic. Where instalment credit functions such as Klarna, Zip and Openpay are specific to certain merchants and require lengthy integration with their e-commerce systems, Tymit works as a credit card suitable for anywhere that accepts VISA. We will undertake key technical development to integrate our system within the larger VISA ecosystem and develop mobile device payment integration to increase our reach and competitiveness. In addition to our Fintech aims it is important that we seek to grow and manage our operations in a way that promotes environmental sustainability within our business and in the wider perspective. We will scope and action a number of different strategies that develop sustainability within our core business by developing fully paperless systems, scoping wooden/metal credit cards and building functionality to enable rounding up of pennies on large purchases for charity donations (opt in or out for consumers).