Why the Zip (ASX:Z1P) share price is pushing higher today

Here’s what is taking the Zip Co Ltd (ASX:Z1P) share price higher on Wednesday…

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The Zip Co Ltd (ASX: Z1P) share price is on the rise today after a disappointing showing on Tuesday.

At the time of writing, the buy now pay later provider’s shares are up 1.5% to $5.39.

Why is the Zip share price pushing higher?

Today’s gain appears to be related to a partnership which was announced after the market close on Tuesday.

According to the release, Zip has signed a partnership with the leading digital payment service and technology player in Asia, AsiaPay.

The agreement will allow AsiaPay’s merchants to accept digital mobile wallet payment via Zip, with a simple, secure, and private way to pay.

The release explains: “This relationship allows AsiaPay to provide a holistic integrated digital payment processing service for eCommerce and digital merchants across Australia. Zip users will experience increased acceptance at these merchants in the local markets, providing consumers with a “buy now and pay later” installment service for their ePurchases by offering Zip as an alternative payment option.”

What is AsiaPay?

AsiaPay was founded in 2000 and is headquartered in Hong Kong. It is a premier electronic payment service and technology player that provides advanced, secure, integrated, and cost-effective electronic payment processing solutions and services.

According to the company, it offers a variety of award-winning payment solutions that are multi-currency, multi-lingual, multi-card, and multi-channel, together with its advanced fraud detection, payment analytic, and management solutions.

AsiaPay’s CEO, Joseph Chan, commented: “This strategic agreement will bring more flexible payment methods and excellent consumer experience to customers. In this new era of digital globalization, digital innovation and disruption change the way we live and do business.”

“There is continued merchant demand for a complete integrated payment acceptance solution across prevailing payment methods to optimize sales conversion and better serve the customers globally especially in digital channel payments. We are honored to work with Zip to provide its users with greater payment convenience and acceptance at digital merchants of AsiaPay throughout Asia,” he added.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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