Splitit looks to disrupt Japan credit card market with Google tie-up
Splitit (ASX:SPT) has teamed up with Google in its latest partnership effort — this time aimed at a push into Japan.
The Splitit-Google agreement will see SPT’s service offered on the Google store in Japan for customers who buy either Google’s new smartphone (the Pixel 5) or Google Nest products.
Splitit said it can’t yet provide a revenue estimate from the Google deal.
Transaction revenues will depend on how many Japanese customers take up the SPT instalment option when buying Google products.
Shares in the company rose by around five per cent at the opening bell to $1.36.
While the market will have to wait for a revenue update, Splitit said the deal with Google shows the diversity of its product offering, by integrating into a market (Japan) where most people still use credit cards.
Over two thirds of Japanese adults own a credit card, SPT said — the highest level in Asia.
While Splitit (and other BNPL players) aren’t regulated as credit providers, its service will act as a layer offering that’s compatible with a Japanese customer’s existing credit card.
Buy using Splitit’s BNPL service, those customers will be freed up to make “higher value purchases more easily, without incurring additional costs or fees”, SPT said.
Splitit said its partnership with Google marks the next phase of its Asia expansion push as it executes on a global distribution rollout.
The company is one of a number of ASX-listed BNPL players engaged in a race for new markets and distribution partners globally.
Splitit CEO Brad Paterson said the integration with Google will provide a seamless transition so customers can use the SPT service without having the leave the Google Store site.