Splitit partners with world's largest card network, UnionPay
Splitit, a global payment technology company, has announced a global partnership with UnionPay International, part of China UnionPay, the provider of bank card services and a major card scheme in mainland China. This marks a significant expansion into a large Asia Pacific shopper base.
UnionPay International will integrate Splitit into its network, giving UnionPay cardholders and those accepting UnionPay the chance to use Splitit’s installment payments product.
UnionPay has expanded to 180 countries and regions, covering 55 million merchants. Outside the Chinese Mainland, UnionPay is accepted at over 32 million merchants. Over 9 billion UnionPay cards (debit and credit) are issued in 68 countries and regions, with over 150 million issued outside mainland China.
Significant milestone for Splitit in South Pacific
“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.”
Brad Paterson, CEO of Splitit, added that partnering with UnionPay builds on its existing card network.
“The partnership is another significant milestone in Splitit’s Asia Pacific expansion strategy to boost consumer adoption and merchant acceptance,” says Paterson. “This increased relevance to more cardholders and merchants will, in turn, accelerate our merchant sales volume.”
Splitit enables shoppers to use the credit they have 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.
Headquartered in New York, Splitit has an R&D centre in Israel and offices in London and Australia. The company is listed on the Australian Securities Exchange (ASX) under ticker code SPT.
- How AI changing the way we work is good news for employeesTechnology
- 5 high-profile CEO moves across Asia-Pacific this monthLeadership & Strategy
- Top 10 fastest-growing companies across the Asia-PacificCorporate Finance
- Opinion: Benefits of ERP for manufacturers and distributorsDigital Strategy