Zip is an online payment method that allows consumers to make purchases and pay for them later in a flexible manner.
The operation of Zip is quite straightforward. When you choose to use Zip as a payment method during your online purchase, you can split the total amount into multiple installments. You can choose to pay in installments over a period of a few weeks or months, depending on the options provided by the merchant.
To use Zip, you need to create an account on their website or through their mobile app. Once registered, you can link your Zip account to your preferred payment method, such as a credit card or bank account. When you make a purchase using Zip, the amount is deducted from your available credit limit.
It is worth noting that Zip offers different types of services, including Zip Pay and Zip Money. Zip Pay is more focused on small purchases and allows for short-term installment payments, while Zip Money offers higher credit limits and longer-term payment plans.
Using Zip can have benefits for consumers, such as the ability to spread the cost of a significant purchase over multiple payments.