Splitit Payments Limited teams up with Alipay to power the ‘Pay After Delivery’ option for shoppers on AliExpress, a global eCommerce marketplace owned by the Alibaba Group. The service will initially launch in Germany, France and Spain, with plans to expand into other international markets.
As per the Industry Sources, the Chinese payments firm added recently that it was working with Splitit — a buy now, pay later (BNPL) firm — to offer shoppers on Alipay’s eCommerce market AliExpress the ability to “pay after delivery.”
Industry Sources added that Splitit’s flexible technology platform, coupled with Checkout.com’s payment-acquiring capabilities, enables AliExpress shoppers to pay after delivery with their existing credit card. Pay on delivery is Splitit’s new installment service that allows consumers to pay for goods after delivery.
Industry sources further added that the agreement leverages Splitit’s Instalments-as-a-Service platform to create a custom-branded experience embedded in the AliExpress checkout flow. Alipay is AliExpress’ global payment solution partner.
Splitit CEO Nandan Sheth stated, “Our work with Alipay is a testament to the flexibility of Splitit’s platform and the strength of our new partnership with Checkout.com. Together we are providing a valuable resource for sellers and shoppers by powering payment after delivery. We are thrilled to collaborate with two exemplary companies like Alipay and Checkout.com. I look forward to building on this initial launch by expanding into other markets in the future.”
AliExpress European Commercial Director Topp Gary Paul stated, “Splitit was able to provide a solution that addressed our needs to deliver a modern pay-after-delivery option for AliExpress consumers. Splitit’s white-label approach allows us to easily customize and integrate the service into our platform while delivering a positive experience for sellers and shoppers.”
Industry sources added that Splitit initiated its Installments-as-a-Service platform in May. The tool utilizes consumer credit on payment cards to streamline the checkout experience embedded in merchants’ payment flows. It lets consumers with an available balance on their credit cards access the service with no application, interest or fees and no changes to their credit report.
The partnership comes as BNPL use continues to grow in popularity, as recent research by PYMNTS has shown.
Consumers leaned into buy now, pay later (BNPL) options during 2022’s holiday season as inflation put a strain on their budgets. And while it has its roots in the eCommerce world, BNPL has expanded to become an option in stores.
The economic materiality of the Agreement with Alipay is unknown due to the variable nature of revenues which are dependent on the value of customer purchases using Splitit’s services. However, Splitit expects that extending its partnership with Alipay may have a material impact on Splitit’s brand and business development prospects.
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