Splitit announced a Google deal in Japan for 5G phones and its shares jumped

- January 11, 2021 < 1 MIN READ
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Payments fintech Splitit (ASX:SPT) has announced a deal with the Google Store in Japan for instalment payments on the new Pixel 5 mobile phone, Nest products and Chromecast streaming devices.

The company’s share price jumped more than 10% in morning trade, peaking at $1.425, following news that the deal had been inked.

Splitit CEO, Brad Paterson said the Google deal is “one of the strongest case studies yet of our unique offering”.

“We are working with Google in its effort to provide the best possible experience for its customers, and the seamless integration of Splitit into Google Store Japan means they never have to leave the platform,” he said.

“Splitit is the only instalment provider to service the huge credit card industry, with 68% of adults in Japan holding a credit card, the highest in Asia. Splitit does not issue new credit to consumers, but rather allows existing credit card holders to make higher value purchases more easily, without incurring additional costs or fees.”

Paterson said the partnership marks the next phase in the company’s expansion into Asia.

In its ASX announcement, Splitit said materiality of the agreement with Google in Japan is unknown due to the variable nature of revenues, which are dependent on customer uptake of specific products.