OpenDNA extends payment processing capability to Chinese in Australia via Novatti partnership
Under the deal between OpenDNA and Novatti, Chinese customers in Australia will be able to use WeChat and Alipay to purchase products and services from Australian merchants with fast settlement turnaround.
OpenDNA (ASX: OPN) will extend its payment processing capability to Chinese tourists, travellers, students and residents in Australia after announcing it will integrate Novatti Group’s (ASX: NOV) China Payments platform with its RooLife portal.
Under the agreement, Novatti’s platform will be integrated into OpenDNA’s RooLife portal, which will enable Chinese consumers to purchase products and services from WeChat and Alipay while in Australia.
“This new partnership opens up further opportunities for the company in addition to the sale of retail goods and tourism services, adding payment processing for items such as education fees, rent, utility bills and other payment, for which OpenDNA will receive commission on all payments processed, with no additional upfront costs to be incurrent,” OpenDNA stated.
According to OpenDNA, the service will optimise transactions between RooLife’s merchants and customers in Australia – essentially delivering fast settlement via Australian domestic funds transfer to a merchant’s Australian account in Australian dollars.
“We are delighted to partner with Novatti and the China Payments business to service the large and growing market for purchases made using the most widely-used payment methods in China: WeChat and Alipay,” OpenDNA chief executive officer Bryan Carr said.
“Our RooLife online platform combined with Novatti’s innovative payment processing capability, which manages Australian dollar transactions across WeChat and Alipay, is a powerful combination that we expect to apply across multiple sectors including retail, tourism, education and real estate services to name a few,” he added.
As part of the deal, Novatti’s China Payments modules will be added to OpenDNA’s hyper-personalisation artificial intelligence engine, which will provide customer profiling and valuable insights into Chinese residents, tourists and business travellers’ purchasing habits in Australia.
OpenDNA said this would lead to new opportunities for product sales.
Commenting on the partnership, Novatti chief executive officer Peter Cook said the duo was opening up new revenue streams by allowing Chinese consumers to better-interact with Australian businesses.
“The partnership between OpenDNA and Novatti should create excellent revenue streams for both companies,” Mr Cook added.
This latest deal with Novatti follows OpenDNA’s partnerships with health and wellness merchants to market and sell their products into China via RooLife.
In recent months, OpenDNA has agreed to sell and market Better Nature products in China via RooLife, while also inking a deal with NNM Services to promote the pharmaceutical wholesale company’s products in China.