BNPL firm Zip Co (ASX: ZIP) 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 card is now “available in the U.S., enabling consumers to ‘Pay in 4*’ nearly everywhere* Visa is accepted.”
Zip’s U.S. Chief Marketing Officer, Jinal Shah, stated:
“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. 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.”
Despite the introduction of mobile phone payments nearly eight years ago, only 6 percent of consumers in the U.S. opt “to pay with their phone at checkout in-store, relying on traditional plastic instead.”
Whether it’s food delivery, a birthday vacation, the latest sneaker drop, music festival, hair appointment, holiday shopping, or even paying a phone bill, Zip provides “a single platform that consumers can rely on for their desired purchases and to expand their spending power.”
Additionally, the Zip Card “enables consumers to enjoy the BNPL everywhere advantage at several big box retailers, local shops, and service providers that do not offer contactless payment options.”
Key benefits and features of the Zip Card include:
- A physical card that can be used to ‘Pay-in-Four*’ in offline settings, even where mobile payments are not accepted
- Pay in four* installments at most brick-and-mortar retail locations, wherever Visa is accepted
- Unlock Zip’s BNPL everywhere advantage at big box retailers like Walmart, Home Depot, local shops, restaurants, and more
- Seamless sign-up process with no impact on credit score
- Automatic payments made from your linked debit or credit card
- Friendly reminders and notifications ensure you never miss a payment
- Easily change payment dates
- Customer service is available 24/7 in the Zip app
The arrival of the Zip Card “complements Zip’s other industry-first innovations. Zip was the first to offer access to a virtual card for BNPL payments via the app.”
Zip (previously Quadpay) was also the first “to introduce a Google Chrome extension to bring the BNPL everywhere Advantage to the desktop.”