CHOICE membership

ZipPay - We take a look and let you know how much it will cost you


#1

ZipPay boasts ‘100% no interest’. But can you trust it?

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#2

Interesting that they are likely to make a loss against income from fees vs defaults and that the defaults are likely to rise. I am assuming that the fees are only the customer fees and not the fees they collect from businesses who support their payment method.


#3

I checked out their sister company ZipMoney and went through the signup process right up until they wanted my online banking login details. The banks constantly tell us to keep this information secret yet it seems to be required to set up an account with ZipMoney. If they ever get hacked their user data would be a goldmine for the hacker.


#4

Quite a few financial institutions are providing a ‘service’ whereby we can see all of our accounts on their single web site. All we have to do is provide our account and login details. Surely they can be trusted for both security and not filtering the data for marketing purposes. Surely they can. (/sarcasm font)


#5

I know they are in bed with NAB and Westpac but I wonder in general where that puts the customer when they hand over access …


#6

Up that famous creek with a sieve for a paddle in a barbed wire canoe!


#7

Applied for ZipPay for a large purchase. It was a waste of my time. The app is not user friendly and wouldn’t send me a verification code for hours. That is not the main reason for my topic. The product is disguised as interest free but there is a $6 fee if you don’t pay your purchase off after your first statement. So if I were making 4 fortnightly payments for a purchase, I would get charged $12. In effect that $6 is more than what I would pay on my low interest credit card. Am I correct or have I read the T&C’s wrong?


#8

You are correct, this is a real catch with ZipPay. If you were to miss all of your repayments on a $100 purchase, you would have to spend an extra $33 on fees. You also need to watch for direct debit fees from your bank, take care the additional charges don’t leave your bank account overdrawn.