Splitit’s share price could rise on partnership with Alipay
Splitit’s share price could benefit from efforts to drive its global growth ambitions via a partnership with China’s biggest digital payments provider, as well as greater cooperation with Google.
ASX-listed Buy Now Pay Later (BNPL) company Splitit Payments could see its share price rise on a new partnership with Alipay, China’s biggest digital payments platform.
The tie-up with Alipay arrives just after Splitit entered a North American partnership with Worldline and announced plans to expand its partnership with Google, highlighting the BNPL platform's ambitions for global expansion.
Splitit enters global partnership with Alipay
On 15 January, Splitit announced that it had entered a partnership with Alipay to provide a 'Pay After Delivery' option to shoppers on AliExpress, a global eCommerce marketplace owned by Alibaba Group.
The partnership will enable AliExpress shoppers to use their existing credit cards to make payments after delivery using Splitit's Instalments-as-a-Service (IaaS) platform.
According to an official statement from Splitit, the new service will first make its debut in Germany, France and Spain, with plans for subsequent deployment in other regional markets.
Splitit’s platform allows consumers to access instalment payment services using their existing credit cards. Splitit claims that this ‘white label’ payment solution sets it apart from other BNPL providers in terms of convenience and ease.
In teaming up with Alipay, Splitit emphasised the ability of Splitit to embed its IaaS services into the AliExpress checkout flow to create a 'custom-branded experience'.
'Our work with Alipay is a testament to the flexibility of Splitit's platform and the strength of our new partnership with Checkout.com,' said Splitit CEO Nandan Sheth.
'Together we are providing a valuable resource for sellers and shoppers by powering payment after delivery.'
'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,' said AliExpress European Commercial Director Topp Gary Paul.
'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.'
Alipay is the global payment solution partner for AliExpress, an international online retail service owned by Alibaba Group. Headquartered in Hangzhou, China, Alibaba Group is one of the world's biggest e-commerce and fintech companies.
Splitit teams up with Worldline in North America
Splitit is stepping up its ambitions to expand globally, by entering partnerships with other payments companies across multiple regions.
Just before announcing its partnership with Alipay, Splitit inked an agreement with French payments company Worldline for the North American market in December.
Worldline said that it would incorporate Splitit into its North American processing platform, enabling Splitit to provide its IaaS solutions to participating merchants.
Splitit CEO Nandan Sheth highlighted the potential for the partnership with Worldline to expand the market for its IaaS solutions.
'Our partnership provides an exceptional opportunity to deliver considerable value to Worldline’s current and future customers,' Sheth said.
'Worldline processes billions of transactions globally for some of the most respected brands in the world. Their merchants will soon be able to benefit from a best-in-class instalment service that drives frictionless conversion through a white-label experience.'
Splitit and Worldline also said that they had plans to bring card-based BNPL and IaaS services to other regional markets.
Google makes Splitit available to Japanese customers
December also saw Splitit expand its partnership with Google to encompass a greater range of regional markets.
On 4 December Splitit announced that it would expand its partnership with Google to offer BNPL payments to Google Store customers in Australia, Canada and the US starting in early 2023. The move arrived after Google and Splitit first teamed up to provide BNPL solutions to Google Store customers in Japan in 2021.
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