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.
About UnionPay International
UPI Company Profile:
UnionPay International (UPI) is a subsidiary of China UnionPay focused on the growth and support of UnionPay’s global business. In partnership with more than 2400 institutions worldwide, UnionPay International has enabled card acceptance in 180 countries and regions with issuance in 68 countries and regions. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world’s largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.
Global Acceptance and Issuance
So far, the UnionPay global acceptance network has expanded to 180 countries and regions, covering over 55 million merchants and about 2.9 million ATMs. Outside the Chinese Mainland, UnionPay is accepted at over 32 million merchants and 1.7 million ATMs.
To date, over 9 billion UnionPay cards are issued in 68 countries and regions, among which over 150 million are issued outside mainland China.
Global Acceptance of UnionPay mobile payment service
To date, UnionPay mobile payment services, UnionPay mobile QuickPass and UnionPay QR code payment, are accepted in 94 countries and regions (60 outside mainland China).
UnionPay QR code payment is accepted at 30 million merchants in 45 countries and regions.
UnionPay mobile QuickPass (UnionPay contactless payment solution) is accepted at 25 million POS terminals, including over 7 million POS terminals in 82 countries and regions outside mainland China.
Splitit is a global payment solution provider that enables shoppers to use the credit they’ve earned by breaking up purchases into monthly interest-free installments, using their existing credit card. 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. The company is listed on the Australian Securities Exchange (ASX) under ticker code SPT.