BNPL Firm Zip Launches Showcase Feature

Buy now, pay later (BNPL) firm Zip has launched a new feature on its app that lets retailers showcase their newest deals.

As the company announced in a news release Tuesday (Feb. 22), the new feature gives shoppers a “carousel” of offers and discounts on the app home screen so retailers can promote seasonal deals and campaigns.

Zip says the update is part of a series of moves to simplify shopping and help retailers form stronger customer relationships.

“Shoppers don’t want to look across multiple apps or websites for the best deals, they want a one-stop shop to do all of their shopping and manage their payments,” said Anthony Drury, Zip’s managing director in the UK.

“With our new deals feature, this is exactly what the Zip app provides. By offering retailers more real estate in the palm of a shopper’s hand, we’re making the shopping and paying experience simpler than ever.”

Read more: Zip Crafts Partnership With Swappa Used Tech Platform

Earlier this month, Zip formed a partnership with used technology marketplace Swappa to become the only company of its kind offered on the platform.

The collaboration means Swappa customers can use Zip to make installment payments on pre-owned smartphones, laptops, tablets, smartwatches, gaming systems, cameras, and smart home technology.

See: Merchants, Take Note: Consumers Want More In-Store BNPL Options

PYMNTS collaborated with Zip recently on the report, BNPL And The In-Store Opportunity: Why Merchants Must Offer Payment Flexibility At The POS.

Our research found that BNPL usage is substantially higher online than in physical stores, with almost 10% of consumers who recently made luxury and specialty store purchases online using BNPL, compared to just 1.8% of in-store luxury and specialty shoppers.

The study also found 46% of department store customers said they would switch to another retailer if that retailer offered BNPL as a payment option. As we noted then, this data demonstrates how merchants that offer BNPL can use it to stand out in the marketplace and draw customers away from the competition.