Zip
Zip is an instalment-based payment method which customers can use either in-store or online.
Purchases are aggregated to a monthly statement. There is no interest to pay, providing the balance is paid off in full within a month. Zip offers two products Zip Pay and Zip Money.
Zip Pay is an interest-free online shopping wallet with a credit limit of up to $1,000. Zip Money is a line of credit for larger amounts, generally $1,000 and above. Zip Money offers customers a guaranteed 3 months interest-free across all products and up to 48 months with some retailers. Customers can shop online with Zip by selecting this as a payment option.
When shopping in-store, customers use the mobile app to generate a 6-digit code or barcode, which they present to the cashier. Zip was founded in Sydney in 2013 and is backed by two of Australia’s largest banks: Westpac and NAB.
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