Leading Australian payment provider, epay has joined forces with Buy Now Pay Later (BNPL) provider, Zip Co, to include Zip at all epay POS terminals, apps and ecommerce platforms.
The partnership enables retailers to accept Zip payments in-store and online and gives customers access to interest-free payment plans with Zip Pay and interest-free terms with Zip Money, with epay handling integration, settlement, and contracts on behalf of Zip.
Australian retailers using epay terminals have enabled alternative payments including Alipay, Wechat Pay, UnionPay QR code and Zip payments, while fashion retailers Tommy Hilfiger and Calvin Klein have directly integrated epay into their POS system to access the alternative payment category.
epay will introduce marketing activities to help retailers promote the new payment option, including retailer on boarding, in-store promotions and the opportunity for retailers and their products and services to feature on the epay and Zip apps.
According to a recent Mozo report, around 30% of Australians now use BNPL services, with IBISWorld market research suggesting projected growth of 9.1% for the BNPL market in 2020-21 to $741.5 million with potential to hit over $1 billion by 2025.
epay Australia country manager, Matthew Blayney said Australian consumers are gravitating from traditional lines of short-term credit to BNPL payment methods.
“We pride ourselves on understanding these trends to provide consumers with safe, secure and convenient alternative payment options. Zip is a market leading BNPL platform that has successfully served millions of consumers around the world, which is why the partnership makes sense for us and is one that Australian retailers should be excited about.”
Zip Co CEO and co-founder, Larry Diamond added: “Australian consumers have demonstrated their appetite for BNPL payment options and partnering with epay will allow Zip to give more of these consumers access to the payment solutions they desire.”
Featured image: epay Australia country manager, Matthew Blayney