View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
  2. Company news
March 22, 2021

Australian fintech Zip takes on contactless payment market

Zip Co, an Australia-listed buy now pay later (BNPL) giant, has branched into contactless payment with its Tap & Zip offering.

BNPL differs from hire purchase because the customer owns the goods on purchase, but the due date for goods payment will be delayed.

By branching into the contactless payment market, BNPL providers are enabling customers to spend in-store where pay pass is accepted.

The combination of contactless payment and a budget-conscious brands will allow consumers to meet their shopper interests.

Zip said while traditionally, credit card providers profit from users not paying their bills, BNPL has built a more sustainable and adaptive model for spending that transfers the fees to merchants.

Customers can now have the option of repayment periods for in-store shopping apart from online purchases.

Zip said BNPL will be the changing landscape of eCommerce and the consumer’s preference will shape the future of payback methods throughout Australia.

Zip offers point-of-sale credit, digital payment and lending services as well as transparent, responsible and fairly priced solutions to consumer’s and small to medium businesses (SMEs).

According to Zip, BNPL is predicted to be top payment method in 2021. 56% of consumers worldwide used a new local payment method in the initial month of the pandemic, of which one was BNPL.

Apart from Zip, diversified payments firm hummgroup had recently introduced its new BNPL product targeted at SMEs across Australia and New Zealand.

Dubbed hummpro, the new offering looks to address the cashflow requirements of the SMEs, including sole traders, companies, partnerships, trusts.

  1. News
  2. Company news
March 22, 2021updated 25 Mar 2021 9:51pm

Australian fintech Zip takes on contactless payment market

Zip Co, an Australia-listed buy now pay later (BNPL) giant, has branched into contactless payment with its Tap & Zip offering.

BNPL differs from hire purchase because the customer owns the goods on purchase, but the due date for goods payment will be delayed.

By branching into the contactless payment market, BNPL providers are enabling customers to spend in-store where pay pass is accepted.

The combination of contactless payment and a budget-conscious brands will allow consumers to meet their shopper interests.

Zip said while traditionally, credit card providers profit from users not paying their bills, BNPL has built a more sustainable and adaptive model for spending that transfers the fees to merchants.

Customers can now have the option of repayment periods for in-store shopping apart from online purchases.

Zip said BNPL will be the changing landscape of eCommerce and the consumer’s preference will shape the future of payback methods throughout Australia.

Zip offers point-of-sale credit, digital payment and lending services as well as transparent, responsible and fairly priced solutions to consumer’s and small to medium businesses (SMEs).

According to Zip, BNPL is predicted to be top payment method in 2021. 56% of consumers worldwide used a new local payment method in the initial month of the pandemic, of which one was BNPL.

Apart from Zip, diversified payments firm hummgroup had recently introduced its new BNPL product targeted at SMEs across Australia and New Zealand.

Dubbed hummpro, the new offering looks to address the cashflow requirements of the SMEs, including sole traders, companies, partnerships, trusts.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International