We’re thrilled to announce a continued partnership with Zip Co. in Australia, completing the first year of powering the global Buy Now, Pay Later (BNPL) company, which provides fast and seamless solutions that simplify how people pay, everywhere.
Our modern card issuing platform has enabled Zip to bring new payments products to market faster, offering customers a line of credit attached directly to their account. Customers can make multiple transactions using their Zip Pay account, but repay their Zip balance with a single installment plan. Zip’s user base has grown over the last three years, now reaching over 2.8 million consumers in Australia and 7.3 million globally, according to Zip.
“Zip is a customer-focused company and customers told us loud and clear they wanted to be able to use their interest-free Zip BNPL account anywhere, and that is what Zip introduced with Tap & Zip,” said Hamish Moline, Zip’s Managing Director, Asia and Global Payments. “Marqeta was a key part of this major initiative, which has helped us significantly grow our customer base and capitalise on the in-store opportunity.”
In addition, Zip offers a “Shop Anywhere” product that issues a single-use virtual card in the Zip app that enables customers to spend money anywhere in the world that accepts Visa. We’re proud to support Zip in Australia and believe this partnership shows off our product fit in the region.