One of the country’s buy now, pay later providers has announced it will withdraw from the New Zealand market.<\/p>\n
The Buy Now, Pay Later (BNPL) company Zip was founded in Australia in 2013, as a “digital financial services company helping millions of customers in the United States, Australia and New Zealand to manage their money with flexible credit and cashflow solutions”.<\/p>\n
It provided short-term payment plans that retailers offered to shoppers at the point of purchase.<\/p>\n
Zip Co NZ Finance Limited said in an email to customers that it would be ceasing to provide the Zip Pay in 4 product, which meant consumers both online and instore could pay back the amount in four interest-free payments over six weeks.<\/p>\n
“We are writing to let you know that on August 16, 2026, your Spend Limit under your Pay in 4 Account will reduce to $0.00 and you will no longer be able to make new purchases,” it said. <\/p>\n
The company said consumers with outstanding balances would still be required to make all payments under any Payment Schedules on the Payment Dates specified.<\/p>\n
However, new purchases would not be made under the Zip Pay in 4 Account. <\/p>\n
Zip New Zealand said “following a strategic review of its business portfolio, it has decided to commence an orderly wind down of its New Zealand operations”.<\/p>\n
The decision reflected Zip’s focus on investing in its Australian and US businesses, which continued to demonstrate strong momentum and profitable growth.<\/p>\n
A spokesperson said the company “recognised the contribution of its New Zealand team and is committed to supporting its employees, customers, merchants and business partners throughout the transition”. <\/p>\n
The financial impact of the wind down was expected to be “immaterial to the Zip Group”. <\/p>\n
The most common BNPL model is the “pay-in-four” \u2014 rather than paying the full amount up front, the shopper pays 25% immediately and the remaining 75% over three equal instalments, typically debited automatically every two weeks.<\/p>\n","protected":false},"excerpt":{"rendered":"One of the country’s buy now, pay later providers has announced it will withdraw from the New Zealand…\n","protected":false},"author":2,"featured_media":530063,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[138,219,42,43,145,40,38,41,39],"class_list":["post-530062","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-business","tag-economy","tag-headlines","tag-news","tag-technology","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/530062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=530062"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/530062\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/530063"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=530062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=530062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=530062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}