As buy now pay later services continue to grow in popularity, Latitude Financial has announced that its digital payments platform Genoapay has partnered with 26 merchants.
Genoapay enables customers to make purchases over 10 weekly payments with no interest. Developed in New Zealand, Genoapay has enjoyed rapid growth since it launched in August 2016, with more than 3,000 New Zealanders signing up each week to shop at over 2,700 businesses.
It was acquired by Latitude in December 2018, and successfully launched in Australia last month as LatitudePay.
Genoapay’s new partners include New Zealand’s leading toy distributor Toys.co.nz and major retailers Big Save Furniture, Shoe Connection and catch.co.nz. Customers will be able to use Genoapay to make purchases online or in-store at any of the 26 new partners’ physical outlets across New Zealand.
Genoapay founder and Latitude general manager buy now pay later Shaun Quincey said that the popularity of payments solutions like Genoapay among consumers is showing no sign of slowing down.
“It’s not just a win for the consumer – we’ve seen some New Zealand merchants experience 40 per cent growth since adopting Genoapay, from small beauty salons right through to nationwide retailers like Harvey Norman”.
Latitude MD and CEO Ahmed Fahour said the new partnerships meant Genoapay now reached tens of thousands more customers in New Zealand across a wide range of retail segments.
“We are thrilled with the momentum that Genoapay is gaining with merchants and their customers, who are attracted to the flexibility of paying for their purchases over 10 equal payments, with no interest,” he said.
“For many of our partners, Genoapay is a natural extension of what we already provide with interest-free instalment options for larger purchases over $1000. Genoapay offers merchants some of the lowest merchant fees in the market, as part of our commitment to helping them grow their businesses.”
The new Genoapay partners include:
- Big Save Ltd
- Shoe Co Limited
- YOLO Beautique
- Bedpost Dunedin
- Turangi Computer and Mobile Repairs
- Yumyumkids Ltd
- APAC Health & Medical NZ LTD
- Te Kauwhata Dental LTD
- Hibiscus Coast Panel Beaters
- Evolution Hairdressers
- Into Blinds
- The Guest Room
- About Body
- The Little Red Fox Ltd
- Just Laptops Ltd
- Emma’s at Oxford
- La Belle Vous Beauty Therapy
- LW Creative
- Barefoot Beauty
- Kalon Beauty & Spa
- Polly’s Patchwork
- Total Image Beauty Therapy Clinic
- AR Dental Limited
- Piwari Collections