Capitalising on the buy-now-pay-later trend which is rapidly expanding globally, fintech company IOUpay (ASX: IOU) is set to get a big boost through South-East Asia via a new partnership with EasyStore and its 7,000 merchants.
Established in 2013 as an online shopping site, Malaysia-based EasyStore processed approximately $435 million from online customer sales in 2020 through its range of merchant verticals including food & beverage, fashion, health & beauty, stationery & craft, automotive & motorbike, and home & décor.
Under the merchant referral agreement, IOUpay’s BNPL payment options will be offered on EasyStore’s eCommerce channels, enabling South-East Asia (SEA) customers to make their purchases and pay through IOUpay payment plans.
“We are delighted to be partnering with online shopping specialist EasyStore to rollout our BNPL offering to merchants and consumers,” said IOUpay CEO, Khong Kok Loong.
“EasyStore’s dedication to real value added merchant services and their SEA focus is an excellent fit with IOUpay’s positioning and objectives”
The partnership, which does not have any financial consideration attached to its establishment, will benefit the partners by giving IOUpay access to a large mass of new customers while improving their online experience with EasyStore by having BNPL purchase options. The offering is expected to be rolled out from March 2020.
“We are looking forward to partnering with IOUpay to enable our merchants and their customers to have access to the clear benefits of their Buy Now Pay Later payment services. The BNPL service offering is a natural value add for our merchants to grow their businesses,” said EasyStore Co-Founder, Alan Kok Kim Lin.
This partnership continues a focus IOUpay has given to the SEA region over the past 12 months where they were recently awarded a Malaysian Money Lending Licence which enables the Company to legally operate BNPL product services while also signing a merchant service agreement with two leading Malaysian banks.
IOU shares responded very well to news of the EasyStore partnership to open at $0.245 per share, a rise of 22.5% on their previous $0.20 close.