With changing habits for digital purchasing and an increase in customer demand for buy now pay later (BNPL) payment options in the Australian market, Zip says the new partnership is designed to give customers greater access to Microsoft products, particularly the student market.
Australia represents one of the largest global markets for BNPL services, with over 35 per cent of consumers utilising interest free instalment payment plans.
Customers will be able to sign up through the Zip App for single use digital credit cards to use on Microsoft products. Through the Microsoft Store, customers can purchase Office products as well as Surface laptops and tablets and Xbox consoles and games.
The unique single use digital credit cards will offer customers a 12-month interest free payment solution, with customers able to choose between flexible weekly, fortnightly or monthly repayment options.
According to Zip, the new partnership empowers Australians to do more with their money, allowing them to shop with confidence without compromising innovation and performance. Microsoft has plans to extend the BNPL offering from customers to retailers and small businesses later in the year, as well as launching BNPL in other markets.
The deal with Microsoft follows the announcement of another deal Zip has made in recent months. Zip has joined Adobe’s Exchange Partner Program, which means their BNPL services will be available to thousands of eCommerce merchants using the Magento platform. Essentially, this will allow Magento merchants to implement buy now pay later BNPL capabilities seamlessly at checkout, helping to improve cash flow, increasing order value and promoting customer loyalty.
Globally, Zip has 6.4 million customers and more than 45,000 merchants. As one of the largest BNPL providers in Australia, Zip says there is great potential to grow their service offering in the Australian technology sector.
In addition to offering flexible BNPL payment options for customers, Zip has a business extension with solutions to help businesses grow. Offering business loans and simple lines of credit, the sign-up process for businesses is quick and simple. To learn more, visit Zip’s website.
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