Zip Co Limited (ASX:Z1P) has teamed up with Super Retail Group (ASX:SUL), which will join the Zip interest free payments platform.
Comprising iconic brands such as Rebel, Supercheap Auto, Rays, Macpac and BCF, Super Retail is one of Australia’s leading specialty retailers with more than 630 stores and a turnover in excess of $2.5 billion.
Notably, Super Retail is the largest retailer to join the Zip platform to date.
Buy now, pay later
Zip Co is a fintech company that provides customers interest-free "buy now, pay later" options.
Compared to other lenders, zipMoney differs with a real-time approval process that can be finalised at the checkout, providing a convenient payment option for digital savvy consumers.
Westpac Banking Corp (ASX:WBC) invested $40 million in the company in August 2017.
Banks are partnering with fintechs to reach the next generation of consumers and keep pace with disruptive technological and behavioural changes.
In-store and online launch
It is currently anticipated that Zip will launch in-store progressively across the Super Retail Group brands, beginning in July 2018.
Online integration will be completed following the in-store launch.
Zip chief executive officer and managing director Larry Diamond said: “Zip is super excited to partner with Super Retail Group, a top 10 Australian retailer, including some of Australia’s favourite brands.
Don't be a quitter! That's not how you were raised.
Who wants to go shopping? ????#JustZipIt #ShopNowPayLater pic.twitter.com/eJJ0yKHVVG
— ZIP_AU (@Zip_AU) May 20, 2018
“Customers are increasingly demanding better terms and better checkout experiences – we look forward to working together to achieve this goal.
“Securing a partnership of this magnitude further delivers on Zip’s objectives of aligning with billion-dollar plus retailers, giving our loyal customers more places to use their Zip digital accounts.”