- IOUpay (IOU) has entered into a merchant referral agreement to enable EasyStore Commerce customers to use IOU’s by now, pay later (BNPL) services
- The one-year renewable term agreement allows EasyStore to refer and acquire IOU’s merchants to onboard and utilise their BNPL payment service offering
- The two companies have begun integrating systems with BNPL payment processing capabilities, with the onboarding of merchants and approved customers expected to begin by the start of March 2021
- In 2020, more than 7000 of EasyStore’s merchants processed over 20 million transactions with a total value of around $435 million
- IOUPay is up 17.7 per cent, trading at 20 cents
IOUpay (IOU) has entered into a merchant referral agreement to enable EasyStore Commerce users to use IOU’s by now, pay later (BNPL) services.
The agreement, for a one-year renewable term, allows EasyStore to refer and acquire IOU’s merchants to onboard and utilise their payment services, with no consideration paid by the company.
IOUPay provides fintech and digital commerce software solutions and services to allow customers to securely authenticate end-user customers and process banking, purchase and payment transactions using any mobile device.
Malaysian company EasyStore Commerce offers an integrated platform to customise and manage their business across multiple online sales channels.
EasyStore has more than 7000 merchants across the Southeast Asian market. It was established to capitalise on the fast-growing market needs for smarter access to multiple e-commerce sales channels, social media and payment platforms.
In 2020, EasyStore merchants processed over 20 million transactions with a total value of around $435 million.
IOUPay and EasyStore have begun integrating systems with BNPL payment processing capabilities, which will begin with the onboarding of merchants and approved customers by the start of March.
“We are delighted to be partnering with online shopping specialist EasyStore to rollout our BNPL offering to merchants and consumers. EasyStore’s dedication to real value added merchant services and their SEA focus is an excellent fit with IOUpay’s positioning and objectives,” said IOUpay CEO Khong Kok Loong.
IOUPay is up 17.7 per cent, trading at 20 cents at 9:29 am AEDT.