American Express and Openpay’s U.S. brand Opy to offer differentiated Buy Now, Pay Smarter to US Merchants and Card Members
Global diversified payments and POS lending fintech Openpay Group (Openpay or Opy), has signed an agreement with American Express.
The offering will deliver additional value to American Express merchants by connecting them to Opy’s unparalleled merchant and consumer-friendly solution. Additionally, American Express Card Members will be able to enter into Opy plans in the US and make repayments funding them via their American Express card.
Under the partnership:
– American Express Card Members will be able to make purchases with their cards and fund them via Opy’s differentiated Buy Now, Pay Smarter (BNPS) product.
– American Express and Opy will commence an initial partnership rollout to connect American Express merchants in the Healthcare and Automotive sectors with Opy’s longer, larger and customisable payment plans.
– American Express and Opy will explore opportunities to collaborate on product development initiatives that would leverage Opy’s unique B2C and B2B platforms.
“We are constantly striving to drive additional value to our Card Members and merchants”, said Colleen Taylor, American Express President of Merchant Services – US. “With Opy, we are pleased to offer another payment option for customers who make and accept larger healthcare, auto repair, and maintenance purchases.”
Brian Shniderman, Opy USA CEO and Openpay Global Chief Strategy Officer remarked, “We’re thrilled to be partnering with American Express, a company that helps their merchants and consumers make sound, savvy decisions. We are excited to offer our innovative products to American Express merchants and Card Members alike, particularly for larger, more meaningful life purchases.”
Under the partnership, American Express and Opy will involve up to 40 selected American Express merchants in these industries who are interested in offering BNPS by introducing them to Opy’s team.
The initial rollout will be evaluated based on commercially agreed-upon metrics, American Express will identify additional American Express card accepting merchants in its network and market the partnership and the Opy products as a value-added service on an ongoing basis. The partnership agreement has an initial 12-month term, with an additional one-year renewal term (unless ended earlier by either party).
American Express and Opy will also explore opportunities to collaborate on product development initiatives that would leverage Opy’s B2C BNPS and B2B trade account management platforms. This collaboration will seek to deliver a balanced merchant and customer-friendly offering.