Zip Co suffered falls in transaction volumes and revenue in its markets in the March quarter, as well as a worrying decline in customer numbers. Zip has spent the past year consolidating its operations so it can focus on the markets where it expects to make a profit – Australasia and the United States. But currently there is little growth in those markets. The company released a March quarter update yesterday, which shows revenue declining 14 per cent in the United States, compared with the previous quarter. Revenue was up 8 per cent in Australasia and down 4 per cent in what remains of its rest of the world division. Transaction values fell 18 per cent in the US, 16 per cent in Australasia and 24 per cent in RoW. Transaction numbers were also down in all three markets. Active customer numbers were down 3 per cent in the US and unchanged in Australasia and RoW. The company said the March quarter declines followed a seasonal peak in the December quarter, although this would not explain the fall in customer numbers. The company is still battling to improve its credit performance, despite having it as a key metric for some time. After coming down for a couple of quarters the proportion of Australasian bad debts written off to transaction value rose from 2.1 per cent in the December quarter to 2.6 per cent in the March quarter – the highest level in two years.