The Payright Ltd (ASX: PYR) share price raced 6% higher in morning trade following a partnership announcement from the company.
Shares in the Australian-based buy-now, pay-later (BNPL) provider have since retreated slightly, trading at 56.5 cents at the time of writing, up 4.63%.
Let's take a closer look at what Payright released to the ASX market today.
Payright extends merchant offering
The Payright share price is pushing higher after the company delivered a positive update to investors.
In today's statement, Payright advised it has teamed up with Australian fintech, Mint Payments.
Founded in 2006, Mint Payments processes mobile payments and transactions across Australia, New Zealand and Singapore. The group provides an online platform that enables businesses to accept credit and debit card payments on smart devices. Its merchant base includes well-known brands such as Nutrimetics, Tupperware, Fuji Film, Nestle, Helloworld and Jim's Financial Services.
The collaboration between the pair will see Payright integrate its BNPL solution into Mint's online payments processing system. This provides more than 7,000 merchants from Mint Payments with access to Payright's BNPL offering for e-commerce and instore transactions.
In effect, the partnership represents a significant opportunity in which Mint Payment merchants can use Payright's solution. The BNPL company noted that extending its footprint through its merchant base, will drive further value for shareholders.
Payright co-CEO Piers Redward welcomed the partnership, saying:
Our partnership with Mint Payments will play an important role in the evolution of our payment ecosystem.
Mint Payments services a reputable and extensive network of more than 7,000 merchants across travel and accommodation, online retail and hospitality, trade and professional services, making it a strategic fit for our BNPL product tailored to higher-value purchases.
Mint Payments co-founder and group CEO Alex Teoh added:
BNPL continues to rise in popularity as a payment method and Payright's seamless user experience and focus on bigger ticket items made it an attractive partner for our business. Together with Payright, we look forward to continuing to make e-commerce less complicated for Australian consumers.
About the Payright share price
Over the past 12 months, the Payright share price has fallen more than 40%, and is down around the same amount year-to-date. The company's share price hit an all-time low of 41.5 cents in late May.
Payright has a market capitalisation of roughly $39 million, and approximately 68 million shares on its books.