Mercury (Hobart)

Zip to allow trades, payments in crypto


BUY now, pay later company Zip Co has unveiled plans to allow users to buy and pay with cryptocurr­encies, as well as moves to offer physical cards to customers in a bid to reach more merchants.

Zip disclosed the moves at its first retail investor day on Tuesday, just weeks after reporting cash losses of $22.9m for the 2021 financial year.

The ASX-listed BNPL player has been rapidly expanding over the past year, with operations in five markets across 12 countries.

It also recently acquired the remaining stake in US subsidiary Quadpay, with moves now under way to bring all parts of the company under the Zip brand.

Zip said it planned to bring to market card offerings, initially to its US customers to allow them to transact in stores that did not offer Zip.

The company also revealed it planned to bring online functional­ity to allow customers to trade cryptocurr­ency. Zip said the functional­ity would see potential for US merchants to accept bitcoin as payment next year. Shares in Zip closed 19c lower at $6.84.

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