Zip, an Australia-based Buy Now, Pay Later (BNPL) platform, has announced plans to expand into contactless payments.
According to the press release, BNPL services such as Zip have turned traditional credit models on their heads. This is because they offer the same general service – later payback periods for immediate purchases – while also offering interest-free repayment schedules. Consequently, by pairing contactless payment with a budget-conscious brand such as Zip, consumers get the sense that it will be geared towards their shopper interests.
Zip is also allowing customers to use their Tap & Zip plan at places beyond the world of retail. For instance, they can Tap & Zip at the petrol station, or the dentist if they've chosen to accept BNPL.
While some think that Buy now pay later still the new kid on the block, it will be the changing landscape of ecommerce and the consumer's preference that, in the end, will shape the future of payback methods across Australia, the company stated.
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