Employee experience platform Perkbox has joined forces with buy-now-pay-later (BNPL) outfit Zip to enable instalment payments for its employees.
One of the perks on the Perkbox platform is the sale of digital discount vouchers as well as gift cards for redemption at supermarkets to retailers.
The partnership of the firm with Zip will allow its users to make payments for such vouchers and gift cards through a digital wallet in a flexible manner at zero interest.
Zip UK managing director Anthony Drury said: “Our partnership with Perkbox sees two businesses come together on common ground: to provide greater choice to consumers and to support merchants to flourish despite the global challenges and rapid changes occurring in the retail market.”
The tie-up is said to be the first of its kind in the UK with an employee benefits firm.
It strengthens Perkbox’s wider offering for enhancing financial wellbeing and financial literacy.
Perkbox director of Global Partnerships Joel Tobias said: “Our recent market research showed that financial discounts remain one of the top perks that employees want for 2021. This partnership comes at a time where retailers are operating under the toughest conditions yet.
“Consumers meanwhile are being especially careful with spending because of the economic uncertainties. Perkbox users will be able to shop with financial savvy, ensuring their money goes further with greater control over their spend.”
Recently, a report said that Zip has decided to ramp up the company’s expansion plans in the UK, despite a government decision to regulate the sector.
In January this year, Hong Kong’s premier digital payment solutions provider AsiaPay partnered with Zip to enable BNPL instalment payment service for Australian merchants.