• Sat. Mar 2nd, 2024

Amid Sluggish Sales In China, Alibaba Rolls Out ‘Buy Now Pay Later’ Option

ByVandana Singh

Jan 16, 2023
Amid Sluggish Sales In China, Alibaba Rolls Out 'Buy Now Pay Later' Option

Splitit Payments Ltd SPTTY and Alipay have formed a partnership to power the ‘Pay After Delivery’ option for shoppers on AliExpress, a global eCommerce marketplace owned by Chinese internet giant Alibaba Group Holding Ltd BABA.

Splitit’s technology platform, coupled with Checkout.com’s payment-acquiring capabilities, enables AliExpress shoppers to pay after delivery with their existing credit card.

Under the Splitit-Alipay tie-up, a hold will be put on shoppers’ credit cards when they make purchases on AliExpress.

Related: Xi Jinping’s Government To Buy ‘Golden Shares’ In Local Units Of Alibaba, Tencent.

For major European cities, such as Paris and Madrid, goods could be delivered in 10 working days, Wall Street Journal reported citing an AliExpress spokesperson.

Average delivery times are 15 to 20 days for remote areas in Europe.

Orders placed through AliExpress fell in Alibaba’s last three fiscal quarterly reports.

The payments tie-up comes as Chinese e-commerce companies search abroad to bolster sluggish sales at home.

Buy now, pay later services have been gaining traction, despite retailers or merchants having to swallow the financing cost for what are often interest-free loans. 

Price Action: BABA shares closed at $116.98 on Friday.

 



Image and article originally from www.benzinga.com. Read the original article here.