Zip and Google Pay Team Up, Providing Customers and Merchants with Flexible Payment Options at Checkout
13 Dezember 2023 - 1:00PM
Business Wire
Merchants who accept Google Pay online now have the option to
offer Zip’s Pay-In-4* at checkout, further enhancing customers'
ability to manage their expenses with flexible payments.
Zip Co. (ASX: ZIP) today announced a collaboration with Google
Pay that will enable merchants in the U.S. who accept Google Pay
online to integrate the innovative Zip Pay-In-4* service, issued by
WebBank. This integration, scheduled for a pilot launch in January
2024, comes as Buy Now, Pay Later (BNPL) adoption is on the rise,
offering consumers enhanced flexibility in their payment choices at
checkout.
Zip products stand out as modern and convenient payment
solutions, proven to boost checkout conversion rates and increase
average cart sizes for merchants. This new feature, coming soon to
select merchant Android apps that offer Google Pay for checkout or
when shopping on select merchant sites from an Android device, will
be available to merchants at no additional integration.
Recent research by Zip has highlighted the growing relevance of
BNPL services in consumer spending. Approximately 41% of Americans¹
report that BNPL options have enabled them to manage holiday
expenses more effectively. Additionally, 47% of BNPL users¹ find
this payment method particularly appealing due to its
purchase-splitting feature.
“Consumers are increasingly seeking flexibility at checkout,
while merchants are looking for innovative ways to boost sales and
enhance customer loyalty,” said Zip Co-founder and U.S. CEO Larry
Diamond. “With Zip available in the Google Pay checkout experience,
we are bridging a gap and providing a flexible credit product for
the many consumers overlooked by traditional credit products. By
offering Zip payment solutions through Google Pay, we're empowering
consumers with more choices while providing merchants with a
powerful tool to increase conversion rates and build lasting
customer relationships. It's a win-win scenario where convenience
meets commerce, fostering a more dynamic and responsive shopping
experience.”
This collaboration meets the evolving needs of consumers and
merchants alike. As flexible payment options continue to gain
traction, BNPL has emerged as a crucial financial management tool
for consumers, but also a proven way for merchants to increase
order value, attract new customers, and foster customer
loyalty.
“We are always looking for ways to give people a more helpful
checkout experience when shopping on Google,” said Drew Olson,
Senior Director, Google Pay. “By teaming up with BNPL providers
like Zip, we are able to give Google Pay users another payment
option when checking out, while providing merchants with another
tool to drive their growth.”
During the pilot phase, when shoppers tap the Google Pay online
checkout button on select merchant's Android apps, the customer
will see a promotional banner within Google's home screen letting
them know that the Zip BNPL option is available. If the user taps
on this banner or selects to change their form of payment, they’ll
see a list of BNPL providers along with more details on their
product offering. If the user chooses Zip, they can learn more
about the terms and conditions and then go through a few steps to
complete the purchase. Once approved, customers can conveniently
spread out their payments for purchases over $35.
Zip was established to disrupt the traditional credit card
industry by offering consumers innovative, accessible, and flexible
alternatives designed to foster financial freedom. As a trailblazer
in the BNPL space, Zip has consistently been at the forefront of
several industry-first market innovations, including the
introduction of the Zip 'Pay Anywhere' functionality and the
rollout of the inaugural BNPL physical card, designed for offline
purchases in physical retail locations.
Editor’s Note:
¹Full findings and methodology from Zip’s 2023 Holiday Spending
research conducted in October 2023 are available here.
About Zip
ASX-listed Zip Co Limited (ASX: ZIP) is a digital financial
services company offering innovative, people-centered products that
bring customers and merchants together. Operating in two core
markets - Australia and New Zealand (ANZ) and the Americas, Zip
offers point-of-sale credit and digital payment services,
connecting millions of customers with its global network of tens of
thousands of merchants.
Founded in Australia in 2013, Zip provides fair, flexible and
transparent payment options, helping customers to take control of
their financial future and helping merchants to grow their
businesses. Zip is also a licensed and regulated credit provider
and is committed to responsible lending. For more information,
visit: www.zip.co.
*For example, for a $335 purchase, you’d make four $85.25
payments every two weeks starting today for a 31.11% annual
percentage rate and a total of payments of $341. A $6 installment
fee is charged at commencement - you pay $1.50 of this fee as a
prepaid finance charge when you make your initial payment today.
The remaining $4.50 is included in your future payments. Actual
installment fees vary and can range from $0 to $7.50 depending on
the purchase price and Zip product used. Actual amount of fee for
your purchase will be reflected in checkout. Estimation of
installment payment and annual percentage rate excludes potential
tax and shipping costs. Zip Pay Anywhere and Zip Checkout financing
through Zip issued by WebBank, except for Zip-originated loans in
CO, NV, MA, and MD. All loans are subject to credit approval.
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Zip US, Angela Nibbs zip_us@maven-pr.com
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