Zip partners with WebBank to launch ‘Zip Card’ to extend Buy Now, Pay Later
By Edlyn Cardoza
Zip Co. Limited, formerly operating in the U.S. as Quadpay, recently announced a partnership with WebBank to launch ‘Zip Card’, a card that gives consumers Zip’s buy now, pay later flexible payment convenience in a physical card format. WebBank will be the lender to Zip Card customers. Zip Card complements the company’s industry-first virtual card offering, which already allows consumers to access the PAY IN 4 products everywhere they shop – whether it’s shopping online through the company app, Chrome extension or in a store location through a virtual card to tap and pay.
“Zip Card is the next step in delivering on our mission to be the first choice of payment for consumers everywhere they shop – whether it’s online or in-store,” said Zip US Co-CEO Brad Lindenberg. “Our partnership with WebBank further validates that flexible payment options are a win-win for both 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 have already turned to the company’s BNPL virtual offering to shop everywhere – from big box retail to restaurants and more. 73% of U.S. consumers who typically shopped in stores surveyed by IBM said they intend to return after being vaccinated, which will likely only increase amid current supply chain concerns during the holiday shopping season.
“We are excited to work with the leadership at Zip to further accelerate growth of the buy now, pay later product with a physical card offering,” said Jason Lloyd, President of WebBank. “Our partnership with Zip will serve to empower merchants and retailers to bring flexible, transparent payment options to shoppers returning to retail locations and malls as pandemic concerns continue to wane and vaccinations increase.”
Shoppers can download the app for iPhone or Android to sign up for Zip. Once the app is downloaded, consumers can request a physical card and begin spending immediately in-store or online with the virtual card. There is no hard credit check. Payments can be automatically made from the consumer’s linked debit card every two weeks. Fees may apply. The company plans to ship Zip Cards to qualified applicants soon and throughout 2022.
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December 08, 2023