Splitit, a global payment technology company (ASX:SPT), announces 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 utilize Splitit’s installment 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 9 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 installment payment option at any merchant offering Splitit from June FY21.
“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.”
“Partnering with UnionPay opens up our solution to UnionPay credit card holders, building on our existing card partner networks. It combines our unique installment 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 economic materiality of the agreement with UnionPay International is unknown due to the contingent nature of results that may be generated. At this point in time, Splitit considers the UnionPay partnership is unlikely to yield a short-term economic benefit for Splitit, however, Splitit considers that the UnionPay partnership supports Splitit’s strategic growth plans.