Buy-now-pay-later provider Zip exits New Zealand market
The popular buy-now-pay-later company Zip has announced it is closing its operations in New Zealand. The company confirmed it will stop offering its 'Zip Pay in 4' service, which allowed customers to split purchases into four interest-free payments.
This change will take effect in the middle of August. From that date, the company will reduce all customer account limits to zero. This means that users will no longer be able to make new purchases using the Zip platform.
Zip has informed its customers that they must continue to make repayments on any existing balances until their accounts are fully paid off. The company stated that it is closing its local branch to focus on its core markets in other countries.
This decision marks a significant shift in the New Zealand retail landscape. Buy-now-pay-later services have become very common in recent years, but some companies are now reconsidering their business models due to changing economic conditions and stricter financial regulations.
Customers who have questions about their accounts are encouraged to check the official Zip website for updates. The company plans to keep its customer support team active during this transition period to help users settle their remaining debts.