![]() fees (including a $7.95 monthly fee when you have money owing at the end of the month, and any late fees or dishonour fees for missed payments).Each month you'll be sent a statement detailing: When you buy something using Zip it gets added to your account – you don't need to pay anything upfront. Zip Money has higher limits and is a line of credit that acts a bit more like a credit card.īoth Zip Pay and Zip Money are accessible from the same Zip app, available for free through Google Play and the App Store, and once you're approved you can switch between your accounts.It sounds like a modern twist on the traditional lay-by, but it's really another form of credit. Zip Pay allows people to buy a product, get their goods straight away and pay them off over time.It was founded in Sydney in 2013 and now operates in Australia, New Zealand, the US, South Africa and parts of Europe.īy the end of the 2022 financial year, 11.4 million Zip customers made 74.3 million transactions on purchases with an annual transaction volume of $8.7 billion. BNPL regulation – draft voluntary code falls short.The difference between Zip Pay and Zip Money.Like all BNPL products, they can normalise debt and be risky especially for the financially vulnerable. The claim to be interest free is technically true for Zip Pay, but not Zip Money. They do perform background checks, but fees are still high and can add up if you miss a payment or have a direct debit default, and the low minimum repayments can keep you paying off your debt for years and racking up monthly fees. Zip Money is technically a credit card, but Zip Pay is not all that different from other BNPL services. Zip is an app-based buy now, pay later (BNPL) platform that can be used both instore and online. Find out more about fact-checking at CHOICE. Checked for accuracy by our qualified fact-checkers and verifiers.
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