Splitit, a global payment technology company, announces a new global partnership with UnionPay International, part of China UnionPay, the provider of bank card services and a major card scheme in mainland China.
UnionPay International will be integrating Splitit to make it available to its network. This will give UnionPay card holders and those accepting UnionPay the opportunity to utilize Splitit’s installment payments product.
The UnionPay global acceptance network has expanded to 180 countries and regions, covering over 55 million merchants. Outside the Chinese Mainland, UnionPay is accepted at over 32 million merchants. To date, over 9 billion UnionPay cards (debit and credit) are issued in 68 countries and regions, among which over 150 million are issued outside mainland China. 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 FY21.
“The cooperation with Splitit is a remarkable milestone for UnionPay to further deepen its cooperation with partners in the South Pacific region,” said Jiangtao Jian, General Manager, UnionPay International South Pacific branch. “We’re excited to bring this partnership with Splitit to UPI customers globally so they can benefit from increased flexibility in how they pay.”
New research from The Strawhecker Group analyzes key trends and consumer attitudes.
Consumers have increasingly adopted Buy Now, Pay Later (BNPL) services for multiple reasons; a desire for financial flexibility, a way to avoid incurring credit card debt, or to purchase items outside of their budgets. However, despite its popularity, consumer debt and missed payments have led to calls for additional research and regulation. Read the press release.
To take a closer look, The Strawhecker Group (TSG) conducted a survey of over 1,500 U.S. consumers in early 2021 with the goal of understanding domestic attitudes and perspectives on the use of BNPL services. The complete findings, a selection of BNPL provider profiles, and market landscape details can be found in the firm’s new report Buy Now, Pay Later: An Analysis of Key Trends and Consumer Attitudes.