Amazon Australia adds Zip buy now, pay later
Amazon has partnered with its first buy now, pay later service in Australia, allowing customers to pay for items in instalments using Zip.
The service was live on Amazon Australia on Thursday in a move the ASX-listed firm, which counts Afterpay among its rivals in the crowded buy now, pay later sector, said puts it "firmly on the main stage".
"We are thrilled to have secured this strategic agreement with Amazon Australia, providing customers with a more flexible way to pay," Zip chief executive and managing director Larry Diamond said.
"This agreement puts Zip firmly on the main stage by allowing customers shopping on Amazon.com.au to use Zip to pay at their pace."
Zip said an Amazon affiliate will receive warrants for 14.6 million Zip shares as part of the deal, giving it the option to buy the shares priced at $4.70 within seven years.
Zip shares were priced at $3.44 before the start of trade on Thursday, down 38 per cent over the past four weeks but still more than three times their value at the start of 2019.