A long-awaited physical card from BNPL pioneer Zip Co is now ready to launch
Australian fintech Zip has announced the availability of the newest product in its portfolio – Zip Card. The physical BNPL card is powered by WebBank and can only be used for in-store purchases in the US.
While Zip Card offers traditional Zip’s ‘Pay-in-4’ functionality, it expands opportunities for brick-and-mortar retailers that don’t support contactless payments. Besides, the card can be used for online payments on platforms where Zip is not a checkout option.
Previously, Zip customers only had access to one-time-use virtual cards. The purchase requests should have been created every time to avail of the new BNPL credit. Within a pilot programme testing the physical Zip Card, 90% of participants said it makes in-store shopping easier. Similar to virtual BNPL options, Zip Card doesn’t affect customers’ credit scores.
The company claims it has 250,000 people on its waitlist.