The Splitit Ltd (ASX: SPT) share price has started the week on a positive note following the release of an update this morning.
At the time of writing the buy now pay later company's shares have charged 5% higher to 53 cents.
Why is the Spiltit share price charging higher?
This morning Splitit announced a three-year partnership agreement with GHL ePayments to offer its instalment solution to more than 2,000 online merchants in Malaysia, Thailand, Indonesia and the Philippines.
GHL ePayments is part of GHL Systems Berhad, which is a leading payment service provider and one of the top merchant acquirers in the ASEAN region. It processes over A$350 million in total online and offline transaction value per month via its network of large and small merchants across multiple industries, with a particular strength in the travel sector.
According to the release, under the agreement, GHL merchants will be able to offer their customers Splitit's instalment payment solution to pay for online purchases with an existing credit card, splitting the cost into interest and fee-free monthly payments.
The release explains that following integration with GHL's payment systems, each merchant will be able to easily and swiftly go live with the Splitit platform via a simple selection from a drop-down menu.
Splitit's CEO and co-founder, Gil Don, revealed that the company was delighted with the agreement.
He explained: "This partnership allows us to continue our growth in APAC and develop our presence in multiple industries, in particular the travel sector. We are delighted to offer GHL merchants a simple way to boost sales and improve customer satisfaction by offering interest-free instalments at the checkout."
He added: "Splitit's payment solution is a highly effective way for merchants to ease eager travelers' budget woes, while increasing brand loyalty for merchants."
GHL Systems Berhad's CEO, Danny Leong, was equally pleased with the agreement.
He said: "We are excited to add Splitit to our list of world-class payment services, enabling our merchants to offer greater payment flexibility to their consumers. Splitit's non-lending offering is unlike any other payment player's and we believe this partnership will help us continue our growth as ASEAN's trusted payment experts."
Elsewhere in the industry today, the Afterpay Touch Group Ltd (ASX: APT) share price has edged higher, the Zip Co Ltd (ASX: Z1P) share price is trading flat, and the FlexiGroup Limited (ASX: FXL) share price has rocketed 10% higher after providing an update on its humm platform.
