Joe Heck, CEO of Zip, discusses the growth of alternative payment solutions, particularly Buy Now, Pay Later (BNPL), during his podcast appearance. With 20 years of experience in fintech, he emphasizes the importance of addressing the financial needs of underserved consumers often neglected by traditional systems. BNPL represents a significant opportunity in the U.S., currently making up just 2% of total payments. Heck highlights Zip's rapid growth, adding over 400,000 customers in a year, while focusing on responsible lending practices that ensure consumer success.
There's a consumer base largely ignored by traditional financial systems. FICO doesn't serve them well, but they have a great ability to pay.
We win when the consumer wins. If they can't pay us back, our model doesn't work either.
There's a lot of upside left. BNPL accounts for only about 2% of total payments and 5% of e-commerce transactions in the US.
Our customers often fall outside traditional FICO lending. We provide access and flexibility that other BNPL providers might not.
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