Monday, April 22, 2024

Zip speeds up buy now, pay later

Living up to its name, Zip Co Limited (Zip) is introducing its Tap & Zip payment method.

The new product feature reimagines buy now, pay later (BNPL) instore, enabling Zip Pay users to shop effortlessly, anywhere that accepts Visa.

Currently 13% of stores in Australia are able to accept BNPL options. Tap & Zip addresses the significant and untapped customer need.

For merchants, this initiative will increase access to new customers, bigger basket values and increased sales volumes.

For customers, it means they can use Zip Pay to shop everywhere and pay later, interest-free.

“BNPL has seen phenomenal growth over the last few years, as customers switched traditional forms of credit or flexible, digital alternatives,” says Co-founder and Chief Executive Officer, Larry Diamond.

“However, until now that growth has been restricted by a clunky instore checkout experience and limited acceptance.”

Many Aussie shoppers have preferred to use contactless payments, since it’s become available in Australia in 2006.

“We continuously hear from Zip customers that they want to use their digital wallet to pay for everyday purchases like groceries and petrol, or to buy products and services from merchants that don’t accept BNPL,” continues Mr Diamond.

“As a customer-obsessed organisation, we are excited to announce Tap & Zip, which completely changes the game, enabling Zip to compete with the credit card at every checkout in Australia.

“Tap & Zip marks the future of BNPL: flexible and transparent payment options that are accepted everywhere.”

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