Splitit Payments Limited ("Splitit" or the "Company") (ASX:SPT, OTCQX:SPTTY), the only white-label service allowing customers to pay by installments using their existing credit on their payment card at checkout, announces that Splitit and Alipay have formed a partnership to power the 'Pay After Delivery' option for shoppers on AliExpress, a global eCommerce marketplace owned by the Alibaba Group.
The service will initially launch in Germany, France and Spain, with plans to expand into other international markets.
Splitit's flexible technology platform, coupled with Checkout.com's payment-acquiring capabilities, enables AliExpress shoppers to pay after delivery with their existing credit card. Pay on delivery is Splitit's new installment service that allows consumers to pay for goods after delivery. The agreement leverages Splitit's Instalments-as-a-Service platform to create a custom-branded experience embedded in the AliExpress checkout flow. Alipay is AliExpress' global payment solution partner.
"Our work with Alipay is a testament to the flexibility of Splitit's platform and the strength of our new partnership with Checkout.com. Together we are providing a valuable resource for sellers and shoppers by powering payment after delivery," says Splitit CEO Nandan Sheth. "We are thrilled to collaborate with two exemplary companies like Alipay and Checkout.com. I look forward to building on this initial launch by expanding into other markets in the future."
"Splitit was able to provide a solution that addressed our needs to deliver a modern pay-after-delivery option for AliExpress consumers. Splitit's white-label approach allows us to easily customize and integrate the service into our platform while delivering a positive experience for sellers and shoppers," says AliExpress European Commercial Director Topp Gary Paul.
The Merchant Funding Agreement (the "Agreement") shall become effective from today and shall remain in full force for an indefinite period until either party gives written notice of non-renewal at least thirty (30) days prior written notice or unless the Agreement is earlier terminated for breach of contract or financial instability. All other terms of the Agreement are not relevant to assessing the impact of the transaction on the price or value of Splitit's securities.
The economic materiality of the Agreement with Alipay is unknown due to the variable nature of revenues which are dependent on the value of customer purchases using Splitit's services. However, Splitit expects that extending its partnership with Alipay may have a material impact on Splitit's brand and business development prospects.