NEW YORK--(BUSINESS WIRE)--Please note that a footnote in the release has been removed.
The updated release reads:
ZIP PARTNERS WITH WEBBANK TO LAUNCH ‘ZIP CARD’ TO EXTEND BUY NOW, PAY LATER EVERYWHERE PAYMENT OFFERING
Zip’s New Physical BNPL Card Comes as Holiday Shoppers Return to Retail Locations
Zip Co. Limited (ASX: Z1P), formerly operating in the U.S. as Quadpay, today 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 Zip’s industry-first virtual card offering which already allows consumers to access the PAY IN 4 product everywhere they shop - whether it's shopping online through the Zip 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 already turn to Zip’s BNPL virtual offering to shop everywhere - from big box retail to restaurants and more. Seventy-three percent of U.S. consumers who typically shopped in stores surveyed by IBM 1 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 Zip 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. Please see Terms and Conditions for more detail. Zip plans to ship Zip Cards to qualified applicants soon and throughout 2022.
1 Injection of Hope: Life After the Vaccine research brief conducted by IBM Institute for Business Value
About Zip
Zip Co Limited (Z1P: ASX) or (“Zip”) is a leading global financial services company, offering innovative, people-centered products that bring customers and merchants together. On a mission to be the first payment choice everywhere and every day, Zip offers point-of-sale credit and digital payment services in 13 markets around the world, including through strategic investments, connecting millions of customers with its global network of tens of thousands of merchants.
One of the fastest-growing BNPL companies globally, Zip has a presence in Australia, Canada, Czech Republic, India, Mexico, New Zealand, the Philippines, Poland, Saudi Arabia, South Africa, UAE, the United Kingdom, and the USA. Zip provides fair, flexible and transparent payments options to individual consumers and SMBs, helping them to take control of their financial future and helping merchants to grow their businesses. Zip is committed to responsible lending and also owns Pocketbook, a leading financial management tool. Founded in Australia in 2013, Zip now employs over 1,000 Zipsters worldwide. For more information, visit: www.zip.co/us
About WebBank
WebBank is a Utah chartered Industrial Bank headquartered in Salt Lake City, Utah. Since its inception in 1997, WebBank has originated and funded over $138 billion in consumer and commercial credit products. As “The Bank Behind the Brand®”, WebBank is a national issuer of consumer and small business credit products through Strategic Partner (Brand) platforms, which include retailers, manufacturers, finance companies, and financial technology (FinTech) companies. The Bank is a leading player in the digital lending space, driving innovation in financial products through Strategic Partner platforms. WebBank engages in a full range of banking activities including consumer and commercial loan products, revolving lines of credit, credit cards, private-label card issuance, auto-refinancing and more. The Bank provides capital in the form of asset-backed lending and other credit facilities to Strategic Partner platforms, credit funds, and other lenders with a targeted focus on specialty finance assets. The Bank is also a leading provider of commercial insurance premium finance products through its wholly owned subsidiary National Partners. For more information, please visit www.webbank.com.
