NEW YORK–(COMMERCIAL THREAD) – Zip Co. Limited (ASX: Z1P), which previously operated in the United States as Quadpay, today announced a partnership with WebBank to launch the Zip Card, a card that allows consumers to ‘buy now, pay later, flexible payment convenience in a physical card format. WebBank will be the lender to Zip Card customers. Zip Card complements Zip’s first virtual card offering, which already provides consumers with access to PAY IN 41 product wherever they shop – whether it’s shopping online through the Zip app, the Chrome extension, or in a store via a virtual card to touch and pay.
“The Zip card is the next step in our mission to be the first payment choice for consumers wherever they shop, whether online or in-store,” Zip Co-CEO said. US, Brad Lindenberg. “Our partnership with WebBank further confirms that flexible payment options are winners for consumers and merchants and will continue to shape shopping habits well beyond the pandemic and this holiday shopping season.”
Nearly 6 million U.S. consumers are already turning to Zip’s BNPL virtual offering to shop everywhere – from big box stores to restaurants and more. Seventy-three percent of U.S. consumers who typically shop at stores surveyed by IBM 2 said they intend to return after being vaccinated, which will likely only increase due to current supply chain concerns during the holiday shopping season.
“We are excited to be working with Zip management to further accelerate the growth of the Buy Now, Pay Later product with a physical card offering,” said Jason Lloyd, president of WebBank. “Our partnership with Zip will allow merchants and retailers to offer flexible and transparent payment options to shoppers returning to stores and malls as pandemic concerns continue to ease and vaccinations increase. . ”
Buyers can download the Zip app for iPhone or Android to sign up for Zip. Once the app is downloaded, consumers can apply for a physical card and start spending immediately1 in store or online with the virtual card. There is no strict credit check. Payments can be made automatically from the consumer’s linked debit card every two weeks. Charges may apply. Please see the terms and conditions for more details. Zip plans to ship Zip cards to qualified applicants soon and throughout 2022.
1 Your first payment is due at the time of purchase followed by 3 payments evenly distributed every 2 weeks.
2 Injection of Hope: Life After the Vaccine, a research brief conducted by IBM Institute for Business Value
Zip Co Limited (Z1P: ASX) or (“Zip”) is a leading global financial services company, delivering innovative, people-centric products that bring customers and merchants together. With a mission to be the first choice for payments everywhere, every day, Zip offers point-of-sale credit and digital payment services in 13 markets around the world, including through strategic investments, connecting millions customers to its global network of tens of thousands of merchants.
One of the fastest growing BNPL companies in the world, Zip has operations in Australia, Canada, Czech Republic, India, Mexico, New Zealand, Philippines, Poland, Saudi Arabia, South Africa, United Arab Emirates, United Kingdom and United States. Zip offers fair, flexible and transparent payment options to individuals and SMEs, helping them take control of their financial future and helping merchants grow their businesses. Zip is committed to responsible lending and also owns Pocketbook, a leading financial management tool. Founded in Australia in 2013, Zip today employs more than 1,000 Zipsters worldwide. For more information visit: www.zip.co/us
WebBank is a Utah chartered industrial bank headquartered in Salt Lake City, Utah. Since its inception in 1997, WebBank has created and funded more than $ 138 billion in consumer and business credit products. As “The bank behind the brand® “, WebBank is a national issuer of consumer and small business credit products through strategic partner platforms (brands), which include retailers, manufacturers, finance companies and fintech companies ( FinTech). The Bank is a leading player in digital lending, driving innovation in financial products through strategic partner platforms. WebBank engages in a full range of banking activities, including consumer and business loan products, revolving lines of credit, credit cards, private label card issuance, automatic refinancing and more. The Bank provides capital in the form of asset-backed loans and other credit facilities to strategic partner platforms, credit funds and other lenders with an emphasis on speci trade winds. The Bank is also a leading provider of commercial insurance premium financing products through its wholly owned subsidiary National Partners. For more information, please visit www.webbank.com.