The Zip Co Ltd (ASX: ZIP) share price is tumbling on Monday despite the broader market's day in the sun.
Right now, the ASX buy now, pay later (BNPL) share is handing back some of the notable gain it racked up late last week.
At the time of writing, the Zip share price is 51.5 cents, 3.74% lower than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) and the All Ordinaries Index (ASX: XAO) are both up 2% right now.
Let's take a closer look at what's going on with the Zip share price on Monday.
What's going on with the Zip share price?
The Zip share price is underperforming today. Though, it hasn't quite regressed to the multi-year low it reached last week.
The stock tumbled to a low of 44 cents on Thursday – the lowest it's been since 2016. Fortunately, the BNPL giant's stock launched 21.5% higher on Friday, leaving it flat with the prior week's close.
Thus, today's dip might be due to price taking following Friday's lift.
Additionally, Zip's tumble comes amid news the BNPL market could be about to get more crowded. Payment solutions provider Revolut has announced plans to launch a BNPL product, initially hitting the market in Ireland.
The Zip share price is joined in the red by BNPL peers Sezzle Inc (ASX: SZL) and Humm Group Ltd (ASX: HUM) today. They have seen their stock slip 1.6% and 2.1% respectively.
But not all ASX BNPL shares are falling on Monday. Stock in ASX 200 payments giant and Afterpay owner Block Inc (ASX: SS2) is currently leaping 6.6%.
Zip's home sector, the S&P/ASX 200 Financials Index (ASX: XFJ), is also lifting 2.6% right now.
Additionally, the S&P/ASX 200 Information Technology Index (ASX: XIJ) – which Zip often trades alongside – is up 2.9%.
