Yuan-a buy in Australia? Smartpay says no worries mate
A second fintech deal with allow more shops to benefit from Chinese tourists’ estimated $11 billion in spending across Australia and New Zealand.
Smartpay (ASX:SMP) has opened its Alipay-based payments tech up to Incentiapay’s (ASX:INP) 35,000 merchants, meaning they can process Alipay payments on the same terminal used for EFTPOS and credit cards.
Alipay is a Chinese payments platform.
Last month Alipay teamed up with SmartPay to give the latter’s 25,000 merchants the ability to process payments from the Chinese system on the same EFTPOS terminals.
Under this latest agreement Incentiapay– parent company of the Entertainment Book and Barter card — will use its marketing platform to provide merchant offers and promotions while Smartpay will receive acquiring revenue from payments processed by Incentiapay merchants.
Trading was stagnant for Incentiapay – its shares trading at 29.5c.
Smartpay says this is just the first of its development agreements – leveraging its open API payment integration platform.
“The partnership with Incentiapay represents a potentially significant opportunity to increase the distribution of our respective products through each other’s existing and growing customer bases,” boss Bradley Gerdis told the market.
“As most merchants require both a payments provider and a marketing provider, our respective product offerings are highly complementary and synergistic for ourselves and our merchants.”
The two aren’t the only ones profiting from integration with the payments giant – Novatti (ASX:NOV) earlier this year surged on news it was implementing the service for paying Aussie bills.