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Zip's Growth Soars in BNPL Market Driven by Consumer Demand

Zip's Growth Soars in BNPL Market Driven by Consumer Demand

Australia-based buy now, pay later provider Zip has reported impressive growth driven by strong demand from both consumers and merchants in its recent earnings announcement. The company experienced a 23.9% increase in total transaction value (TTV) in the last six months of 2022, with a notable 40.3% surge in the U.S. market. Zip's CEO, Cynthia Scott, emphasized the importance of serving over 100 million Americans who struggle to access traditional credit, highlighting the flexibility and transparency of BNPL solutions. The number of active customers rose to 6.3 million, and the merchant base expanded to approximately 81,900. In addition to its existing offerings, Zip introduced new products like Zip Plus and Zip Personal Loan in Australia, and expanded its Pay-in-8 installment solution in the U.S. These developments aim to enhance customer engagement and facilitate larger purchases, positioning Zip for continued growth in the competitive BNPL landscape.

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