86 400 announces Zip partnership, releases PayID functionality

Tom Watson

10 Jun 2020

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It’s been a busy few weeks for neobank 86 400, with home loan rates cuts in May and now the addition of two new payment features to its banking app. 

Announced yesterday, the first of these new additions is a partnership with Buy Now, Pay Later (BNPL) provider Zip Co which will give 86 400 users the ability to integrate their Zip accounts with the 86 400 app. 

This means customers will now be able to see any purchases made using Zip - as well as balances owing to Zip - in the same place as their other day-to-day transactions inside the 86 400 app. 

“Zip and 86 400 are like-minded, purpose-driven businesses. We were both built to give Australians better experiences with their money, and so by working together, we can accelerate our shared mission,” said 86 400 chief executive, Robert Bell.

This is the latest part of the neobanks’ ‘connected accounts’ feature which already allows customers to connect accounts from over 100 Australian financial institutions to the 86 400 app in order to give them a ‘fuller’ picture of their finances. 

According to a statement issued by the two fintechs, the new partnership is also designed to help give Australians the option to move away from “traditional banking and financial products for smarter, fairer digital alternatives.”

Perhaps a further indication that 86 400, like some of its Australian neobank counterparts, are unlikely to go down the path of offering credit cards in the future. 

PayID arrives for 86 400 users

The second recent addition from 86 400, and one likely eagerly awaited by users, was the announcement last week from the bank that PayID functionality had arrived. 

PayID is a feature of the New Payments Platform (NPP) which allows customers from participating banks to forgo the usual identification combination of a BSB and Account Number when setting up a transfer. 

Instead, customers can create a PayID (either a mobile number, an email address or an ABN) with a linked bank account to use when receiving money. 

While it may come as a surprise that a digital player like 86 400 didn’t have PayID functionality already, it’s just the second neobank after Up to roll out the option, whereas Xinja and Volt Bank are yet to offer it just yet.

RELATED: ICYMI: Hay launches HayPay, Revolut obtains AFSL and Volt delays loans

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