IOUpay growth accelerates as myIOU uptake soars 300% in under two months
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IOUpay has signed star Malaysian singer Yuna as the Face of myIOU as it aims to capitalise on rapid growth in South East Asia.
Fintech provider IOUpay (ASX:IOU) has made a promising start to the new financial year, continuing to gain momentum with substantial growth in consumer and merchant signups, approval and onboarding.
IOUpay today gave a first half Q1 FY21/22 update, announcing immediate uptake of its BNPL service offering is continuing to grow with consumer activated accounts up 333% and consumer downloads of myIOU rising 340% since June 30.
The number of merchants now system-activated and listed on myIOU is up 162% with new merchants now onboarded, up 72% since June 30.
BNPL purchases worth more than $2.9 million in Total Transaction Value have been completed so far this financial year, delivering around $250,000 in Net Transaction Revenue. The positive growth trend places IOUpay in a strong position to meet one of its objectives of becoming a cashflow positive BNPL business in record time.
IOUpay provides fintech and digital commerce software and services in South East Asia (SEA) that enable customers to securely authenticate end-user customers and process banking, purchase and payment transactions.
Award-winning Malaysian singer-songwriter Yuna has been announced as the Face of myIOU. With more than one million followers on social media, Yuna has previously worked with major brands including Malaysian Airlines.
Christopher Kok, Regional Commercial Officer of IOUpay said: “Yuna is a perfect fit to join the myIOU family because her personal interest aligns with our business goal to be one of the leading digital transaction processors in the booming cashless economies of South East Asia.”
Her wide reach and connection to her followers across the region is forecast to boost IOUpay’s user base and connection with local businesses and consumers.
She will be representing the company as an opinion leader of myIOU through campaign and promotional activities across online and offline platforms.
“My love for local brands is not a secret. I always share local products or services with my fans and family,” said Yuna.
“This partnership with IOUpay came at a perfect time as I was looking for more ways to support our entrepreneurs during this trying time.
“To know that myIOU with its BNPL offerings can help both businesses and consumers to strive during challenging times like this, I am proud to be a part of that.
“Together with IOUpay, I hope to educate as many people as possible, on the ways to leverage on BNPL”.
The company is also developing a range of digital marketing campaigns targeting key cultural demographic groups. IOU has engaged 14 social media influencers with significant followings and considered to align with the brand values to drive engagement with myIOU.
The influencer campaign content is being deployed across a variety of platforms targeting specific communities of consumers and merchants believed to benefit from and engage the most with myIOU BNPL services.
Testing of Razer Merchant Services and IOUpay systems is now on track to be completed in September following delays due to the ongoing impact of lockdowns in Malaysia. The testing had been due to be completed by early August.
IOUpay announced in June a one-year renewable deal with Malaysian Razer Merchant Services to onboard its more than 50,000 merchants to utilise IOU’s BNPL payment services.
Razer will integrate IOUpay’s BNPL service offering with the acquired merchants’ webpages and e-commerce platforms and ensure their logo and other branding materials are properly displayed.
At the time of writing IOUpay’s share price was up 3.77% to 27.5 cents.
This article was developed in collaboration with IOUpay, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.