If you don’t pay off your purchase within the interest-free period, you will be charged interest. Each transaction has a guaranteed interest-free period of three months, Zip says. Unlike Zip Pay, Zip Money is not 100% interest-free. Zip Money is a line of credit for amounts over $1,000, so it can be used to make larger purchases. Zip also offers Zip Money, which is a different product. → Read more: A guide to buy now, pay later providers in Australia Is Zip Money different to Zip Pay? Zip says you may be eligible to increase your credit limit in the future if you demonstrate an ability to meet your repayments on time with little or no missed repayments. However, depending on your personal and financial information, your credit limit may be less than this. You can get a maximum credit limit of $1,000. You can then make weekly, fortnightly or monthly repayments to Zip to pay off your account balance. When you use Zip Pay to make a purchase, Zip pays the store for you and you don’t need to pay for your purchase upfront. Zip Pay provides its customers with a line of credit of up to $1,000, which they can use to make purchases at over 22,000 participating retailers. Zip Pay is an interest-free BNPL service. So, if you are thinking of using a BNPL service, how does Zip Pay stack up, and are there any risks involved? What is Zip Pay? Zip comes in second with an awareness rate of 35.2%.
Afterpay is the market leader in terms of awareness, with 55.8% of Australians being aware of the service. Over 10% of Australians use buy now, pay later (BNPL) services such as Afterpay, Zip and Klarna, according to Roy Morgan’s June 2020 Digital Payments Report.
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Through these services, you pay for purchases over time, rather than paying the full amount upfront. Zip Pay is one of several ‘buy now, pay later’ services currently operating in Australia.
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