IOUpay partners with e-commerce solutions provider EasyStore to...

IOUpay partners with e-commerce solutions provider EasyStore to provide BNPL services

Special Report: IOUpay has partnered with Malaysian e-commerce solutions provider EasyStore to provide buy now, pay later (BNPL) services for its more than 7,000 merchants across SEA.

IOUpay (ASX:IOU) has announced a partnership with Malaysian-based EasyStore, an e-commerce solutions provider that connects over 7,000 merchants across South East Asia with multiple e-commerce sales channels, social media and payment platforms.

The partnership will allow EasyStore’s merchants and their customers to utilise IOUpay’s BNPL payment services and marks the first such agreement since IOUpay secured its Malaysian money lending licence earlier this year.

A powerful partnership

In 2020, EasyStore merchants processed over 20 million transactions with a total transaction value of approximately $435 million.

The provider has merchants across the South East Asian markets of Singapore, Indonesia, Philippines, Thailand, Hong Kong and Taiwan, as well as 5000 merchants in Malaysia and a growing portfolio in the US.

EasyStore allows its merchants to use one platform to manage their business across multiple online sales channels, including SEA’s largest online shopping malls such as Lazada and Shopee, and all major social media platforms including Facebook, Instagram, WhatsApp, LINE and WeChat.

IOUpay’s BNPL services will be available to EasyStore merchants from March this year.

More growth for IOUpay

IOUpay CEO Khong Kok Loong said the agreement was a perfect opportunity for the Company to expand its services in SEA.

“We are delighted to be partnering with online shopping specialist EasyStore to roll out our BNPL offering to merchants and consumers. EasyStore’s dedication to real value added merchant services and their SEA focus is an excellent fit with IOUpay’s positioning and objectives,” he said.

EasyStore co-founder and head of business development, Alan Kok Kim Lin, said the agreement was a natural progression of EasyStore’s current offering.

“We are looking forward to partnering with IOUpay to enable our merchants and their customers to have access to the clear benefits of their Buy Now Pay Later payment services. The BNPL service offering is a natural value add for our merchants to grow their businesses.”

The partnership furthers IOUpay’s plans for growth in SEA and takes advantage of its acquisition of a Malaysian money lending licence in January this year.

IOUpay began growing its footprint in Malaysia in 2020 with Merchant Service Agreements with two prominent Payment Gateway providers in Malaysia, as well as one of Malaysia’s leading banks, enabling it to process BNPL payments as approved by Visa and Mastercard. The BNPL provider has been vocal about the opportunity it sees in the region where a third of the population is un-banked.

Source: https://unauthorised investment advice/tech/ioupay-partners-with-e-commerce-solutions-provider-easystore-to-provide-bnpl-services/