UnionPay collaborated with US-based payment technology firm

UnionPay International will be integrating Splitit to make it available to its network

UnionPay Splitit

UnionPay announced collaborated with US-based payment technology firm. Source: shutterstock.com

UnionPay has teamed up with Splitit allowing its credit cardholders to use Splitit’s installment solution for the first time wherever Splitit is offered globally.

According to the report, the UnionPay global acceptance network has expanded to 180 countries and regions, covering over 55 million merchants. Outside the Chinese Mainland, UnionPay is accepted across over 32 million merchants.

All UnionPay credit cardholders will be able to use Splitit’s interest- and fee-free installment payment option at any merchant offering Splitit from June 2021.

Partnering with UnionPay opens up our solution to UnionPay credit cardholders, building on our existing card partner networks. It combines our unique installment solution and global reach, with UnionPay’s powerful cardholder 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
Brad Paterson, CEO of Splitit

The economic materiality of the agreement with UnionPay International is unknown due to the contingent nature of results that may be generated.

At this point in time, Splitit considers the UnionPay partnership is unlikely to yield a short-term economic benefit for Splitit, however, Splitit considers that the UnionPay partnership supports Splitit’s strategic growth plans.

We’ve reported that the number of people using facial recognition for payments to rise by 120%.

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