Splitit Payments Limited (ASX:SPT) has signed a new global partnership with UnionPay International, part of China UnionPay, the provider of bank card services and a major card scheme in mainland China.
UnionPay International will be integrating Splitit to make it available to its network. This will give UnionPay card holders and those accepting UnionPay the opportunity to utilise Splitit’s instalment payments product.
The UnionPay global acceptance network has expanded to 180 countries and regions, covering over 55 million merchants. Outside the Chinese Mainland, UnionPay is accepted at over 32 million merchants.
To date, over nine billion UnionPay cards (debit and credit) are issued in 68 countries and regions, among which over 150 million are issued outside mainland China. All UnionPay credit cardholders will be able to use Splitit’s interest- and fee-free instalment payment option at any merchant offering Splitit from June FY21.
“Partnering with UnionPay opens up our solution to UnionPay credit card holders, building on our existing card partner networks. It combines our unique instalment solution and global reach, with UnionPay’s powerful card holder base to allow countless more shoppers to better use their existing credit,” commented Brad Paterson, CEO of Splitit.
“The partnership is another significant milestone in Splitit’s Asia Pacific expansion strategy to boost consumer adoption and merchant acceptance. This increased relevance to more cardholders and merchants will, in turn, accelerate our merchant sales volume,” he concluded.
“The cooperation with Splitit is a remarkable milestone for UnionPay to further deepen its cooperation with partners in the South Pacific region,” said Jiangtao Jian, General Manager, UnionPay International South Pacific branch. “We’re excited to bring this partnership with Splitit to UPI customers globally so they can benefit from increased flexibility in how they pay.”
Splititis a global payment solution provider that enables shoppers to use the credit they’ve earned by breaking up purchases into monthly interest-free instalments, using their existing credit card. According to the company, Splitit enables merchants to improve conversion rates and increase average order value by giving customers an easy and fast way to pay for purchases over time without requiring additional approvals. Serving many of Internet Retailer’s top 500 merchants, Splitit’s global footprint extends to thousands of merchants in countries around the world. Headquartered in New York, Splitit has an R&D center in Israel and offices in London and Australia.