They claim they conduct a credit and identity assessment, including a credit check and real-time bank verifications on both Zip Pay and Zip Money applications. Unlike some BNPL services like Afterpay, Zip does perform a background check.
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Limits are determined after successful application and you may not be granted the full limit you apply for. Zip Money offers a line of credit of up to $3000 for regular accounts and up to $50,000 for specific merchants (customers must apply through a merchant for limits higher than $3000).Zip Pay offers credit between $350 and $1500 that can be spent only at participating retailers.Zip can authenticate a lot of your personal details by linking with your Facebook, LinkedIn or Paypal accounts, but you will also need to provide your mobile number, bank details and other financial or identity documents.
The online application and approval process is pretty quick. Investigate all of your options before paying your bills through Zip.īoth Zip Pay and Zip Money are available through the Zip app. This may seem like a good idea, especially if you've had an unexpected or large bill come in.īut given the fees (and potential interest) that Zip charges, you'll be better off financially if you contact your utility provider directly and organise a payment plan or extension with them. You can even use Zip to pay off eligible utility bills that can be paid via BPay in instalments. Zip also has a 'Tap and Zip' feature in Zip Pay that allows customers to shop where contactless payments are accepted by linking to Apple Wallet or Google Pay. Zip now has over 24,500 merchants across Australia and New Zealand and you can use the service to buy all kinds of goods, from clothes to gift cards, pharmaceuticals to travel. For balances over $1000, or if you're using Zip Money, minimum repayments might be more.Ī growing number of stores are adding Zip Pay and Zip Money to their list of accepted payment methods, including big retailers such as Kmart, Target, Bunnings, Officeworks and Kogan. Repayments can be weekly, fortnightly or monthly, as long as a minimum repayment of $40 is made each month for balances under $1000. Zip lets you pay off the full amount or pay in instalments. interest charged (if you use Zip Money).fees (including a $6 monthly fee when you have money owing at the end of the month, and any late fees or dishonour fees for missed payments).Each month you'll be sent a statement detailing: When you buy something using Zip it gets added to your account – you don't need to pay anything upfront.
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BNPL regulation – draft voluntary code falls short.The difference between Zip Pay and Zip Money.So, we think the "good guys" claim is a bunch of marketing spin. Their hardship policy is not transparent and we also have concerns that the Ts&Cs aren't readily available before you sign up. Their claim to be interest free is true for Zip Pay, but not Zip Money.
They do perform background checks, but fees are still high and can add up if you miss a payment or have a direct debit default, and the low minimum repayments can keep you paying off your debt for years and racking up monthly fees. Zip Money is technically a credit card and Zip Pay is not all that different from other BNPL (buy now, pay later) services. Zip claims to be "the good guys" who do things "better than the banks". Zip is an app-based 'buy now, pay later' (BNPL) platform that can be used both instore and online. Find out more about fact-checking at CHOICE. Checked for accuracy by our qualified fact-checkers and verifiers.
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