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Now shoppers can Zip while they tap

Zip Co has been granted a principal issuer licence with Visa, which will allow users of Zip’s buy now pay later service to make contactless payments on merchant terminals.

Currently, Zip in-store payments are based on barcode and QR code technology, which requires “complex point of sale integration”, the company said in a statement.

Contactless will streamline the payment process and allow Zip customers to use BNPL anywhere Visa is accepted.

Zip said 24 per cent of its transactions occur in physical stores, compared with the broad Australian retail market where 87 per cent of payments are in stores.

“The opportunity to grow the BNPL share is significant,” said Zip chief executive Larry Diamond.

 

 

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