OpenPay bucked the BNPL slump on Thursday to close higher after the company announced it would partner with American Express to offer differentiated Buy Now, Pay Smarter services to U.S. merchants and card members.
American Express would commence an initial partnership rollout connecting American Express merchants to OpenPay in the Healthcare and Automotive sectors, while OpenPay would begin to accept American Express as a payment method for OpenPay plans in the US.
Through its platform, OpenPay says it delivers the most flexible BNPS plans in the market, with longer terms up to 24 months, and with higher limits of up to $20,000.
Under the partnership, American Express and OpenPay will involve up to 40 selected American Express merchants in these industries who are interested in offering BNPS. 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 OpenPay 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.
The two companies will also continue to collaborate on product development initiatives in the US market going forward, that would leverage Openpay’s B2C BNPS and B2B trade account management platforms.
Brian Shniderman, OpenPay USA CEO and 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.”