Zip plans to launch encrypted transactions in the United States next year, targeting millennials

Australia “Buy Now Pay Later” (BNPL) company Zip Afterpay recently acquired by Square, Is linking its future growth prospects to the cryptocurrency industry.

Zip USA CEO Brad Lindenberg told attendees on the company’s first retail investor day, “The innovation around encryption feels like the Internet in 1995.” The company’s interest in encryption It was previously hinted at, but it has now become a concrete plan: a project that integrates encrypted transactions for American users and enables merchants to accept Bitcoin (Bitcoin) Payment.

Zip’s internal research found that BNPL users are 67% more likely to trade cryptocurrencies than non-users, which strengthens its confidence in this move. In addition, Lindenberg made encryption integration as a company seeking to cater to what he called “Millennials financial diet. “

Zip co-founder Peter Gray told reporters earlier this summer, Support encrypted transactions Providing a digital wallet is one of the highest requirements of Zip users, implying that the company understands its “younger generation of customers” and will launch products and services aimed at them.

In addition to the encrypted transaction function and merchant’s support for BTC payment, Zip also plans to launch the “BitcoinBack” function in 2022 to allow its customers to convert cash rewards into BTC. All of these products are scheduled to be launched in the United States in 2022, but will eventually expand to a total of 12 global markets in the next 12-18 months, including Zip’s home in Australia.

related: Square acquires Australian financial technology Afterpay for US$29B

As reported last week, AfterPay itself has stated that it may seek encryption services once Australia’s regulatory framework becomes more transparent.this BNPL pioneer recommends Senate investigation Become “Australia as a technology and financial center”, Merchants can cut payment costs by using encryption Avoiding traditional tracks can significantly improve efficiency.