Splitit signs EFTPay for payment instalment platform in Hong Kong

• Online and in-store shoppers across Hong Kong and Macau will now have the option to use Splitit’s interest-free payment options thanks to a new partnership with payment service providers EFTPay
• Alipay partners EFTPay currently service global stores such as Marriott, UGG, Kate Spade, Sunglasses Hut, Estee Lauder and more
• The deal is initially set at a three-year contract and EFTPay is mandated to satisfy set quotas as part of the ongoing business deal

Payment method apps are filling up the market and now Splitit has joined forces with Asia’s EFTPay to offer buyers yet another payment option when shopping.

The agreement will see the Hong Kong-based payment provider bring Splitit’s interest-free plans to shoppers in Hong Kong online and in store.

Splitit’s application system works similar to highly popular Afterpay in the West. It gives customers the option to pay later in interest-free instalments. Splitit shareholders enjoyed a healthy 13 per cent boost in the market this morning.

“With online sales at an all-time high, it’s imperative that merchants optimize their e-Commerce businesses to meet the rising demand from consumers, who we have found to be increasingly receptive to instalment payments over other traditional incentives such as discounts and free shipping,” Splitit CEO, Gil Don, said.

What Splitit offers over a credit card, is that the handy app operates outside of credit checks, registration or any strings-attached applications.

EFTPay is a key partner with the Chinese and Hong Kong region’s massively successful Alipay.

“This partnership allows customers of our merchants a ‘buy now, pay later’ solution. The addition of Splitit’s, cross-border offering gives our merchants such a solution without requiring the customer to apply for additional credit, significantly increasing customer satisfaction,” CEO EFTPay, Andrew Lo said.

EFT’s portfolio of services currently includes globally operating companies Marriott, UGG, Kate Spade, Sunglasses Hut, Estee Lauder and more.

In store and online shoppers at outlets such as these will now have access to Splitit’s flexible payment options.

The contract between the two payment companies is inked at an initial three-year term, subject to termination if desired. EFTPay is required to satisfy minimum quotas of transactions using Splitit as part of the agreement.

Splitit management believes that EFTTPay’s partnership on sales will have a significant impact on profits and usage if these targets are met.

Shares in SPT closed yesterday at 73 cents, now trading for a price of 82.50 cents in a $224.2 million market cap.