Zip users will be eligible for a 10% cashback up to the value of $30 when they tap their smartphone to pay with Zip to purchase anything from Christmas gifts to petrol, parking or even coffee.
Available every Saturday between now and the end of the year, shoppers can ‘Tap & Zip’ anywhere that Visa is accepted to get the bonus 10% cashback.
The new 10% cashback offer has been rolled out following the success of a 3% cashback offer introduced in November.
Buy Now, Pay Later providers have traditionally been limited to retail stores that have signed up to accept them. Tap & Zip enables users to pay with Zip anywhere they can make a contactless payment on their mobile.
Zip chief customer officer, Steve Brennen said consumers are increasingly turning away from traditional models of credit because they aren’t fit for purpose.
“Throughout the pandemic, more than 800,000 credit cards have already been cancelled by Australians looking for better ways to pay,” he said.
“By Zipping their everyday purchases, consumers are choosing a fairer, more transparent and flexible way to pay for goods and services. Always interest free, they now have the added bonus of 10% back on every purchase made by tapping their phone.”
Zip Spending Index: Home improvements at the forefront
Recent consumer spending data from Zip’s Weekly Spending Index has revealed how consumer spending has centred around home improvements for the final months of 2020.
In line with the Federal Government’s HomeBuilder scheme, home improvements are on the rise with spend increasing across landscaping, trade services, installations, and renovation services.
However, pets are the real winners of 2020, benefitting from increased attention from owners and an increase in pet-related consumer spending.
Zip chief operating officer, Peter Gray said the government’s HomeBuilder Scheme continued to bear fruit throughout October, as more Australians take advantage of the subsidies and possibly redirect funds saved for holidays into home renovations.
“With well over 11,000 applications for the program submitted and an extension of the program, the scheme is providing effective stimulation for the sector. We wouldn’t be surprised to see consumer spending in the home construction and renovation sector continue to grow.
“But what remains unclear is the impact of the ongoing uncertainty for consumers in regards to border and travel restrictions in the lead up to the Christmas period.”
The Zip Weekly Spending Index is based on anonymised transaction data from a sample of more than 1.5 million Zip customers and 300,000 Pocketbook users.