Splitit bolsters growth strategy through new partnership with UnionPay

By Pavithra R

Splitit Payments, a global payment solutions provider that enables shoppers to pay instalments via their credit cards, has announced 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.

Under the partnership, UnionPay International will integrate Splitit to make it available to its network, giving UnionPay card holders and those accepting UnionPay the opportunity to utilize Splitit’s installment payments product.

“The cooperation with Splitit is a remarkable milestone for UnionPay to further deepen its cooperation with partners in the South Pacific region. We’re excited to bring this partnership with Splitit to UPI customers globally so they can benefit from increased flexibility in how they pay,” said Jiangtao Jian, General Manager, UnionPay International South Pacific branch.

The UnionPay global acceptance network has expanded to 180 countries and regions, covering over 55mn merchants. Outside the Chinese Mainland, UnionPay is accepted at over 32 mn merchants. To date, over 9 bn UnionPay cards are issued in 68 countries and regions, among which over 150 mn are issued outside mainland China. The alliance enables UnionPay credit cardholders to use Splitit’s interest- and fee-free installment payment option at any merchant offering Splitit from June FY21.

“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.

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,” said Brad Paterson, CEO of Splitit.

Founded in 2012, Splitit’s patented technology enables e-commerce merchants to offer interest-free monthly instalment payments to their customers at the point of sale. Its vision is to be a leading provider of interest-free, card-based instalment payment solutions for merchants and shoppers worldwide.