Splitit, Alipay form partnership to power 'Pay After Delivery' instalments on AliExpress
MELBOURNE, Jan. 16, 2023 /PRNewswire/ -- Splitit Payments Limited ("Splitit" or the "Company") (ASX:SPT, OTCQX:SPTTY), the only white-label service allowing customers to pay by instalments 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 instalment 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 customise 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.
Launched in 2010, AliExpress (www.aliexpress.com) is a global marketplace targeting consumers from around the world and enabling them to buy directly from manufacturers and distributors in China and around the world. In addition to the global English-language version, the AliExpress platform is also available in 17 other languages. AliExpress is a business of Alibaba Group.
Splitit powers the next generation of Buy Now, Pay Later (BNPL) through its merchant-branded Instalments-as-a-Service platform. Splitit is solving the challenges businesses face with legacy BNPL while unlocking BNPL at the point of sale for card networks, issuers and acquirers all through a single network API. Splitit's Instalments-as-a-Service platform mitigates issues with legacy BNPL like the declining conversion funnel, clutter at the checkout and a lack of control of the merchant's customer experience while putting the power back in the hands of merchants to nurture and retain customers, drive conversion and increase average order value. Splitit's white-label BNPL is the easiest instalment option for merchants to adopt, integrate and operate while delivering an uncluttered, simplified experience embedded into their existing purchase flow. Headquartered in Atlanta, Splitit has an R&D centre in Israel and offices in London and Australia. Splitit is listed on the Australian Securities Exchange (ASX) under ticker code SPT and also trades on the US OTCQX under ticker SPTTY (ADRs) and STTTF (ordinary shares).
The announcement has been approved and authorised to be given to ASX by Dawn Robertson, Chairman of the Board of Splitit.
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SOURCE Splitit USA, Inc.
Company Codes: Australia:SPT, OTC-PINK:SPTTY, OTC-BB:SPTTY, OTC-QX:SPTTY
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