Zip to Shutter Money Management App Pocketbook

Buy Now, Pay Later (BNPL) The Zip platform has announced that it is shutting down its Pocketbook money management app due to “significant changes” that Zip is currently going through, Business News Australia reported on Friday (July 8th).

The Pocketbook app, which was acquired by Zip for $7.5 million in 2016, has 800,000 users who use the app as a free budget planner and use its personal finance services, according to the report.

“Zip’s operating environment has changed significantly over the past few months and as a result, we have adapted our strategy accordingly to accelerate our path to global profitability,” said Zip Chief Product Officer. Travis Tyler in the report. “With this in mind, Zip has decided to shut down the Pocketbook app in order to reprioritize resources and focus on delivering sustainable profitability in our core market ANZ.”

The app will cease operations on August 5 and remove all personal information from its users, including email addresses, names, cellphone numbers, as well as financial account and transaction information, the app says. report.

In other news, decentralized finance (DeFi) lender Teller has launched a BNPL feature to help buyers break up their non-fungible token (NFT) payments into more manageable installments.

Read more: Teller Brings BNPL to NFT Market with ‘Ape Now, Pay Later’ Loans

Bored Ape Yacht Club, Doodles, Meebits, Cool Cats, and other NFT collections are included in Teller’s so-called Ape Now, Pay Later initiative, the service on the Polygon blockchain network being participant-driven, allowing users to lend and borrow directly. one of the other.

Ape Now, Pay Later NFT buyers must provide at least a 25% deposit to complete their purchases, then pay the rest in installments. The announcement comes as cryptocurrency asset prices continue to fall and lenders work hard to stay in the game.

——————————

NEW PYMNTS DATA: HOW UTILITIES AND CONSUMER FINANCE COMPANIES CAN IMPROVE THE BILL PAYMENT EXPERIENCE

About: More than half of utilities and consumer finance companies have the ability to digitally process all monthly bill payments. The kicker? Only 12% of them do. The Digital Payments Edge, a collaboration between PYMNTS and ACI Worldwide, surveyed 207 billing and collections professionals at these companies to find out why going digital remains elusive.

About Francis Harris

Check Also

Shake Shack sees promising early results in drive-thru

It’s early days, but Shake Shack likes what he sees so far from his drive-thru. …