Marqeta Partners with Zip Co. in Australia to Fuel Growth of Buy Now, Pay Later Offering
Marqeta, listed on NASDAQ as MQ, has announced a successful year-long partnership with Zip Co. in Australia, enhancing their Buy Now Pay Later (BNPL) services. Zip has seen a 176% increase in transactional volumes, reaching AUD 5.8 billion, while Marqeta reported a 350% year-over-year increase in BNPL net revenue for Q2 2021. The collaboration enables Zip to offer customers a line of credit with a streamlined user experience through the Zip Pay account, now serving over 2.8 million users in Australia and 7.3 million globally.
- 350% year-over-year increase in BNPL net revenue for Q2 2021.
- Zip's transactional volumes grew 176%, reaching AUD 5.8 billion.
- Expanded user base with over 2.8 million users in Australia and 7.3 million globally.
- None.
Marqeta’s modern card issuing platform powers Zip’s innovative approach to credit card alternatives
Marqeta’s modern card issuing platform is built with open APIs and has enabled Zip to bring new payments products to market faster, offering customers a line of credit attached to their account rather than an installment plan. Customers can make multiple transactions using their
In addition, Zip offers a “Shop Anywhere” product that issues a single-use virtual card in the Zip app that enables customers to spend money anywhere in the world that accepts
“Zip is a customer-focused company and customers told us loud and clear they wanted to be able to use their interest-free Zip BNPL account anywhere, and that is what Zip introduced with Tap & Zip,” said
“We’re proud to support a fast-growing Australian business that is changing the way people shop and revolutionizing payments at the point-of-sale,” said
About
Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards. Marqeta’s modern architecture gives its customers the ability to build more configurable and flexible payment experiences, accelerating time-to-market and democratizing access to card issuing technology.
For more information on
About Zip
ASX-listed
The company is focused on offering transparent, responsible, and fairly priced consumer and SME products. Zip’s platform is entirely digital and leverages big data in its proprietary fraud and credit-decisioning technology to deliver real-time responses. Zip is managed by a team with over 100 years’ experience in retail finance and payments and is a licensed and regulated credit provider.
For more information, please visit:www.zip.co.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210909005317/en/
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jrobinson@marqeta.com
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