Zip (ASX: ZIP), a digital financial services company, has introduced “Pay in 2,” a new payment option designed to allow consumers in the U.
S. to split purchases into two installments over two weeks. This offering aims to provide customers with increased control and flexibility for managing everyday expenditures.
The Pay in 2 service is intended to help consumers manage cash flow and routine spending within a single billing cycle. It complements Zip’s existing “Pay in 4” option, which facilitates the management of larger purchases over a six-week period. According to Zip, Pay in 2 offers a more immediate repayment structure for day-to-day needs.
A recent pilot program conducted by Zip indicated strong consumer interest in a shorter installment plan for daily expenses. The company reported that 95% of surveyed participants expressed a likelihood of using Pay in 2 again, primarily for necessities such as groceries and bills. Destiny Modeste, a Zip customer, noted that Pay in 2 “feels manageable and intentional, fitting naturally between paychecks” and allows for stress-free management of everyday moments.
Joe Heck, US CEO at Zip, stated, “We are constantly listening to our customers to understand how they want to pay and are committed to empowering them with alternatives to traditional high-interest credit products.” He added that “Pay in 2 offers the flexibility to bridge the time between paychecks for smaller, recurring purchases without the commitment of a longer installment plan.”
To encourage adoption, Zip is offering a limited-time incentive. From February 9 through February 15, the first 100 customers each day who successfully initiate a purchase using Pay in 2 will receive one year of no origination fees on all subsequent Pay in 2 orders. Terms and conditions apply.
Loans facilitated through Zip, including Pay in 2, are originated by WebBank. All loans are subject to credit approval. Zip Co Limited, founded in Australia in 2013, operates in Australia, New Zealand, and the United States, providing point-of-sale credit and digital payment services to millions of customers and tens of thousands of merchants.
