Zip Joins Way Forward as Its Newest Member

BNPL world-leaders Zip and Afterpay join Australian debt solutions charity Way Forward to better support customers in financial hardship

Way Forward today announced Zip Co Limited (ASX: Z1P), a leading global Buy Now, Pay Later (BNPL) company, has become its latest member. Zip joins a credible list that includes Australia’s most iconic financial institutions, including the ‘Big Four’, all committed to working with Way Forward to support Australians in financial hardship.

This announcement coincides with Afterpay also joining Way Forward, making both the first BNPL companies to partner with Way Forward.

Way Forward CEO David Berry commented: “With millions of active BNPL accounts in Australia and the impacts of the global pandemic, some customers are unable to pay their bills. Hence, we’re excited to welcome Zip to our ranks and work with them to support and educate Aussies on how best to manage BNPL payments to avoid or alleviate hardship. We look forward to teaming up with Zip on finessing these processes together.”

Zip Co Australia’s Chief Operating Officer Chris Patrick noted: “Zip has always operated in a fair and responsible way, putting the customer at the centre of everything we do. We conduct credit and ID checks on all customers upfront but also recognise that people’s situations can change. So, if someone finds themselves in financial difficulty, we want to know about it and help them get through it. One way to do this is by partnering with charities like Way Forward, who have been helping Australians in need since 2018.”

“We want to ensure we support all our customers, especially those doing it tough. Becoming a Way Forward member is one step to help us achieve that goal. While we offer financial hardship assistance programs to a small number of customers each month, we also recognise that often people need help with a number of debts and independent advice. That’s where Way Forward can play a significant role in helping people get back on track,” Chris added.

Way Forward CEO David Berry continued: “As we emerge on the other side of lockdowns, we have a duty as an industry to support those who have been left behind. And with this new era in consumer credit, it’s critically important for the whole industry to come together, both new players such as Zip and the traditional lenders and creditors.”

“Way Forward aims to play an active role in this dynamic and today’s announcement is an important step towards that ambition. Our door is open for all financial institutions to start discussions about joining us to support Australians better manage their debts.”