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May 16, 2023
On the wires
Zip Introduces Intake-to-Pay, the World’s First Unified Platform for Procurement
January 25, 2023
On the web
‘We’re Realists’: BNPL Platform Zip Inches Toward Sustainability After Winding Down International Operations
November 22, 2022
On the web
Afterpay, Zip, React To Proposed Buy Now Pay Later Regulations
“Afterpay and Zip have shared differing opinions on new regulatory options put forward by the Treasury will impact the buy now, pay later sector. In the Treasury’s paper, three options are offered. The first would amend the Credit Act to require that BNPL providers check that a certain product is affordable for a customer before it is offered. The second option requires BNPL providers to gain a credit licence and operate within responsible lending regulations. The third, and more strict option, would see BNPL loans enforced under the same laws as home loans, with the tighter checks this brings. Treasury is seeking consultation by December 23, with plans to legislate in 2023. Not surprisingly, Afterpay favours the first, least restrictive, option.”
October 25, 2022
On the web
Zip Accelerates BNPL Adoption with Arrival of Zip Card, Unlocking BNPL Everywhere Advantage for All of Life’s Moments
Today BNPL pioneer Zip Co announced the availability of Zip Card, issued by WebBank, the newest buy now, pay later product offered through its portfolio. As consumers look for BNPL options in brick-and-mortar retail, the Zip Card extends the ‘Pay-in-4*’ functionality offline in a convenient physical card format. In the Zip card pilot program1, an overwhelming majority (90%) of participants said the card makes in-store shopping easier. With a quarter million waitlisted customers, the highly anticipated card is now available in the U.S., enabling consumers to ‘Pay in 4*’ nearly everywhere* Visa is accepted.
“The Zip app lets customers use the pay later service pretty much everywhere*…even on shopping sites where Zip is not at the checkout option,” said Zip’s U.S. Chief Marketing Officer, Jinal Shah. “With the Zip Card, we are offering customers access to another fair, transparent payment method in a familiar format to use in-store, specifically at stores that do not accept contactless or mobile phone payments.”
July 21, 2022
On the web
Australian BNPL Zip May Take Charges on US, Europe Units, ‘Deprioritise’ Crypto Offer
“Australian buy-now-pay-later company Zip Co said on Thursday it was weighing an impairment charge on its new US and European businesses, exiting Singapore and “deprioritising” a cryptocurrency offering, citing challenging market conditions. “Reflecting current market conditions, the company has reviewed the goodwill against the Spotii, Twisto and Quadpay assets and is assessing the need to take an impairment charge,” the company said in a trading update. “Zip is in the process of closing its Singapore business, consistent with the aim to reduce group cash burn. Previously planned new financial services products, including crypto have been deprioritised,” it added.”
July 11, 2022
On the web
BNPL Provider Zip Closes $7.5m Money App Pocketbook
“Australian buy now, pay later provider Zip Co is closing its money management app that it acquired for $7.5 million as the embattled sector struggles with ballooning bad debts, rising interest rates and harsher regulations. The app, called Pocketbook, was acquired in 2016 and reportedly has 800,000 users but is being shuttered by Zip as part of significant changes to the company’s operating environment, it said.”
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