Zip exits New Zealand's buy-now-pay-later market
Buy-now-pay-later provider Zip has announced it is exiting the New Zealand market. The company told customers their account limits will drop to zero from mid-August.
Buy-now-pay-later provider Zip has announced it will wind down operations in the New Zealand market. In a notice to customers, the company said account spending limits will fall to zero from mid-August.
The exit comes amid intensifying competition and regulatory pressure across the sector. Short-term credit providers have faced tighter margins recently due to shifting interest rates and changing consumer spending habits.
Analysts say Zip's withdrawal could leave New Zealand's buy-now-pay-later market concentrated among fewer major players. Existing customers will have a set period to settle any outstanding balances.
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