Image Sourced ShutterStock
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Payment option providers Splitit Payments have signed a three year contract to break into the South East Asian market
  • Inked with payment service providers GHL ePayments, Splitit will have its business integrated with over 2000 new merchants in Thailand, the Philippines, Malaysia and Indonesia
  • Splitit offers a payment system for customers to pay for goods and products in delayed increments, much like a credit card system
  • GHL are major players in South East Asia, representing over 368,000 point of sales across 20 countries – processing over AUD$350 million a month from online and offline transactions

Payment flexibility providers Splitit inked a new partnership today, that will give the company access to over 2000 new merchants in Asia.

The company signed the deal with payment service providers GHL ePayments. The three year partnership will give Splitit direct access to merchants and business in Thailand, Malaysia, Indonesia and the Philippines.

What does this mean for those merchants and customers? Splitit is part of a relatively newer breed of startups such as ZipCo and Afterpay, that function like credit cards.

Businesses that integrate these payment options offer customers the ability to pay for goods and products in increments over a later period of time.

“We are delighted to offer GHL merchants a simple way to boost sales and improve customer satisfaction by offering interest-free instalments at the checkout,” Splitit CEO Gil Don said.

“Splitit’s payment solution is a highly effective way for merchants to ease eager travellers budget woes, while increasing brand loyalty for merchants.”

GHL are major players in South East Asia, claiming to process over AUD$350 million a month from online and offline transactions. The company represents large and small merchants across a variety of industries, particularly in travel.

GHL are listed on the Kuala Lumpur Stock Exchange and is accredited by big names like Visa, Mastercard, UPI and Alipay. The company manages more than 368,000 point of sales across 20 countries.

“We are excited to add Splitit to our list of world-class payment services, enabling our merchants to offer greater payment flexibility to their consumers,” GHL CEO Danny Leong added.

“Splitit’s non-lending offering is unlike any other payment player’s and we believe this partnership will help us continue our growth as [South East Asia’s] trusted payment experts.”

Due to the announcement this morning, Splitit have undergone a healthy boost in the ASX. Share prices in SPT are trading at 55 cents a piece. This represents a premium of 8.91 per cent.

Splitit’s market cap is currently valued at $155.3 million.

SPT by the numbers
More From The Market Online
The Market Online Video

Art Index: Bridging the gap between First Nations artists and the Reconciliation Plan

As the oldest continuous civilisation on earth, Indigenous Australians share an extensive history of visual storytelling.…

Nick Scali moves into the UK market through Fabb Furniture acquisition

Nick Scali has acquired UK-based Anglia Home Furnishings, operating under the brand Fabb Furniture.

Kogan shares smashed -26% on lacklustre quarterly update

"Kogan is pleased to announce continued strong profitability" is a strange opening for an announcement that…

Viva Leisure leaps into Northern Territory with iFitness 24/7 acquisition

Viva Leisure Limited is expanding into the Northern Territory through the acquisition of iFitness 24/7, a…