IOUpay’s
(ASX:IOU) subsidiary IOUpay Asia has partnered with Pine Payment Solutions to enable mutual merchant clients to offer the company’s myIOU buy now pay later services to customers.
Under a master services partner agreement, IOUpay Asia and Pine Labs hold a two year term that expires in May 2024, and is renewable on a year-to-year basis.
The deal means that approved merchants can directly connect to and access the BNPL payment offerings of IOUpay in one automated process.
Pine Labs will be responsible for connecting the Pine Labs platform to myIOU, originating applications from merchants who wish to apply for the myIOU BNPL services. IOUpay Asia will have a direct contractual relationship with each merchant it approves.
“We are really excited to be working together with Pine Labs who as a group represent one of the leading merchant commerce platforms in India and Southeast Asia,” said IOUpay’s head of marketing Gwen Khor.
“Opening up our myIOU BNPL service to the rapidly growing community of merchants operating on Pine Labs’ platform adds new payment options to drive sales growth for the merchants and provides our consumer customers with a greater range of shopping and purchase opportunities when using myIOU.”
Shares are trading 5 per cent lower at $0.057.
