Buy Now, Pay Later (BNPL) company, Zip, has formed a global partnership with the Dutch all-in-one payments platform, Adyen.
Zip will provide merchants in the Adyen network, including Chemist Warehouse, Bugaboo and Yours Clothing, with access to its BNPL solutions at checkout.
Many retail and technology companies use the Adyen platform to accept payments in a single system, enabling revenue growth online, on mobile devices and at the point of sale. These merchants will now have the option to effortlessly add Zip to their checkout pages, enabling their customers to BNPL using Zip.
Under the agreement, Adyen will also become a payment processing partner of Zip and its global affiliates, processing consumer repayments when they use a credit or debit card.
The deal comes as Zip and the BNPL sector continue to gain momentum globally. Zip data shows the availability of flexible and transparent payment options is helping retailers deliver a seamless checkout experience for consumers while driving increased sales (+20 per cent), average order value (+60 per cent) and repeat customer rate (+80 per cent) for some merchants.
“Consumers are increasingly looking for more choice and transparency at checkout and this partnership gives Adyen merchants the means to meet that demand, with transparent financing solutions from an innovative leader in BNPL,” says Warren Hayashi, Adyen's Asia-Pacific president.
“Like Zip, Adyen was founded as an alternative to outdated ways of doing things, which were no longer fit for purpose,” says Larry Diamond, CEO and co-founder of Zip. “We want Zip to be the first payment choice, everywhere and every day and working with leaders like Adyen will help us get there sooner, enabling us to reach millions more people worldwide.”
Zip’s instalment payment platform will be available to new and existing Adyen online merchants in Australia, New Zealand, the UK and US.
Zip already offers point-of-sale credit and digital payment services in 13 markets around the world, including through strategic investments. It has a presence in Australia, Canada, Czech Republic, Mexico, New Zealand, the Philippines, Poland, Saudi Arabia, South Africa, UAE, the UK and US.
Adyen is used by many of the world’s leading companies and provides a modern end-to-end infrastructure connecting directly to Visa, Mastercard and other preferred payment methods. With offices across the world, Adyen customers include Lorna Jane, the Cotton On Group, Nando’s, Freelancer.com, Kogan.com, Budgy Smuggler, Movember, Showpo, Rodd & Gunn and Jurlique.