Zip to allow merchants to accept Bitcoin payments

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Zip, an Australian buy it now, pay later (BNPL) company, has started working in cryptocurrency, the Financial Review reported. The company compared innovation in media to the Internet in 1995.

Zip will allow its merchants to accept bitcoin as a form of payment and has built-in cryptocurrency trading functionality, according to the report.

Co-founder Peter Gray said earlier this year that top Zip user requests included crypto trading support and a digital wallet, according to the report. Internal company research found that BNPL users were 67% more likely to trade cryptocurrencies than those who did not use BNPL.

Zip will also roll out BitcoinBack in 2022, a feature that allows customers to convert cash rewards into bitcoin, according to the report.

While these offerings are expected to roll out in the United States next year, Zip plans to launch them in a total of 12 global markets, including Australia, over the next year or a year and a half, according to the report.

BNPL is a sales engine, Charlie Youakim, CEO of Sezzze, told PYMNTS earlier this month.

Read more: For Main Street SMEs, BNPL Can Unlock New Consumer Spending

Youakim said BNPL could even drive traffic in physical stores, not just online. Small businesses may realize additional sales, with the increase coming from budget-conscious customers who might otherwise decide to err on the side of caution.

It’s almost like a credit debit card in a way, but it’s secure and predictable because of its planned purchases, he said. We provide access to generally low spectrum consumers. Our average customer is 50% below a FICO of 600, and 15% of our customer base has no FICO score. So that gives those customers a bit of reach and allows them to start over.

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NEW PYMNTS DATA: TODAY’S SELF-SERVICE PURCHASING JOURNEY – SEPTEMBER 2021

By the way: 80% of consumers want to use non-traditional payment options like self-service, but only 35% were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a collaboration between PYMNTS and Toshiba, analyzes over 2,500 responses to find out how merchants can address uptime and perception issues to meet the demand for free kiosks -service.

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