- Openpay Group (OPY) signs an agreement with American Express (AXP) offering Buy Now, Pay Smarter (BNPS) to US merchants and card members
- The initial partnership rollout will connect American Express members, in the healthcare and automotive sectors, with Openpay’s customisable payment plans
- Up to forty selected American Express merchants who are interested in BNPS will be introduced to Openpay
- The partnership will be marketed as a value-added service with an initial 12-month term and an additional one-year renewal
- Openpay shares are in the green, up 6 per cent to trade at $1.03 at 10:30 am AEDT
Openpay Group (OPY) has signed an agreement with American Express (AXP) offering Buy Now, Pay Smarter (BNPS) to US merchants and card members.
The initial partnership rollout will connect American Express members, in the healthcare and automotive sectors, with Openpay’s customisable payment plans.
The companies will involve up to forty selected American Express merchants in these sectors who are interested in offering BNPS through introducing them to Openpay’s team.
American Express president of merchant services, Colleen Taylor, explained.
“With Opy, we are pleased to offer another payment option for customers who make and accept larger healthcare, auto repair, and maintenance purchases,” he said.
American Express will market the partnership and Openpay products as a value-added service on an ongoing basis.
The agreement has an initial 12-month term with an additional one-year renewal term.
The companies will explore opportunities to collaborate on product development initiatives that would leverage Openpay’s B2C BNPS and B2B trade account management platforms.
Openpay USA CEO and Openpay chief strategy officer, Brian Shniderman, said the company is excited about this new initiative.
“We are excited to offer our innovative products to American Express merchants and Card Members alike, particularly for larger, more meaningful life purchases,” he said.
Openpay shares are in the green, up 6 per cent to trade at $1.03 at 10:30 am AEDT.