Openpay (ASX:OPY) share price pushes higher on American Express deal

Openpay has signed a deal with AMEX…

| More on:
A man in a blue collared shirt sits at his desk doing a single fist pump as he watches his Neometals shares rising on his laptop

Image source: Getty Images

The Openpay Group Ltd (ASX: OPY) share price has bounced back after hitting a 52-week low on Wednesday.

In morning trade, the buy now pay later (BNPL) provider’s shares are up 3% to $1.00.

Why is the Openpay share price pushing higher?

Investors have been bidding the Openpay share price higher today after it announced a new partnership.

According to the release, Openpay has signed an initial 12-month agreement with leading multinational financial services company American Express (NYSE: AXP). This will see Openpay’s US business Opy accept American Express as a payment method for plans in the US.

The partnership will initially focus on the Healthcare and Automotive sectors.

Management expects the offering to deliver additional value to American Express merchants by connecting them to Opy’s merchant and consumer-friendly solution. Additionally, American Express Card Members will be able to enter into Opy plans in the US and make repayments funding them via their American Express card.

The release notes that the two parties will also explore opportunities to collaborate on product development initiatives that would leverage Opy’s B2C and B2B platforms.


Opy USA CEO and Openpay Global Chief Strategy Officer, Brian Shniderman, commented: “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.”

American Express’ President of Merchant Services US, Colleen Taylor, added: “We are constantly striving to drive additional value to our Card Members and merchants. With Opy, we are pleased to offer another payment option for customers who make and accept larger healthcare, auto repair, and maintenance purchases.”

Despite today’s gain, the Openpay share price is down 57% in 2021.

Should you invest $1,000 in Openpay right now?

Before you consider Openpay, you'll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Openpay wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of January 13th 2022

American Express is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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.

More on Share Market News

Top 10 blank list on chalkboard
Share Market News

Here are the top 10 ASX shares today

Here are your top 10 biggest gainers in the ASX 200 on Wednesday.

Read more »

a man with a wry smile is behind ascending piles of coins as he places another coin on top of the tallest stack.
Share Market News

Can ASX 200 banks really see a 15% profit jump if the cash rate hits 1%?

These analysts are predicting big returns for banks in the rising interest rate environment.

Read more »

An office worker and his desk covered in yellow post-it notes
Share Market News

Here are the 3 most heavily traded ASX 200 shares on Wednesday

We take a look at the most traded ASX 200 shares by volume today.

Read more »

an oil refinery worker checks her laptop computer in front of a backdrop of oil refinery infrastructure. The woman has a serious look on her face.
Energy Shares

ASX 200 energy shares in focus amid frightening global supply crisis

A dearth of new fossil fuel projects in recent years has opened the door to today's global energy crisis.

Read more »

A happy man and woman sit having a coffee in a cafe while she holds up her phone to show him the ASX shares that did best today
Share Market News

ASX 200 midday update: BlueScope and Fortescue rise, Boral tumbles

The ASX 200 is having a strong day on Wednesday...

Read more »

A man standing in a red rock mine is covered by a sheet of gold blowing in the wind.

What’s sending the Northern Star share price higher today?

The gold miner reported it will return 20% to 30% of cash earnings as dividend payouts at its investor presentation,…

Read more »

Legendary share market investing expert and owner of Berkshire Hathaway Warren Buffett
Share Market News

Warren Buffett’s been bargain hunting following the stock market sell-off. Here’s the sector he’s been buying (and selling)

We check the investing guru's recent buys and sells.

Read more »

Share Market News

5 things to watch on the ASX 200 on Wednesday

A strong day is expected on the ASX 200 on Wednesday...

Read more »