As per Roy Morgan’s report, the new digital payment concept of Buy Now Pay Later is the fastest mode to get credit online. Zip is impacting the Australian market, with nearly half of Australians (48.6%) aware of the BNPL service today.
Almost a fourth portion of people between the ages of 25 and 34 use the new programs, which is higher than any other age group. Women are also considered the most frequent users of buy now, pay later services, and have embraced the latest digital payment services at nearly twice the rate of men. Consumers are naturally fast learners, and as a result of loyalty-generating BNPL deals, they’re steadily leaning into relationships with brands they’ve come to trust.
Players in the BNPL room, such as Zip, provide an alternative to fraudulent lenders who target financially disadvantaged people by providing access to funds without providing much-needed transparency about costs, regular fees, or high-interest rates.
Zip has had a significant impact on the way conventional credit models are viewed. This is because they both have the same basic service – longer payback times for immediate transactions. In addition, Zip Pay, the company’s flagship product, allows users to make interest-free payments.
The interest-free Zip Pay payment method is available at several popular online traders, ranging from Bunnings and Best & Less to Target and Tigerair.
Zip Pay is similar to layaway, except that instead of securing an item for later purchase, you get your items right away. Lines of credit, unlike loans, do not expire once you have paid off your debt. You can keep the card and use it whenever you need it.
Implementing a buy now, pay later choice for consumers will help satisfy consumer needs for various payment choices while still providing a straightforward, cost-effective, and responsible way to pay for large-ticket products for business owners. This results in improved immediate revenue and average order prices for retailers and increased customer loyalty.
Zip is a leading provider of point-of-sale credit and digital payment solutions in the digital retail finance and payments industry. Zip is committed to providing consumers and small businesses with open, responsible, and reasonably priced solutions.
They see an opportunity to do it better and different than the banks. They are people like us who believe that buying shouldn’t be so rigid. They are the next wave of payments, with a laser emphasis on constant product growth.
For more information, visit https://zip.co