What's Happening?
AsiaPay, a leading digital payment gateway in the Asia-Pacific region, has partnered with UK-based Hands In to offer split payment solutions to merchants. This collaboration aims to address challenges in high-value online transactions, particularly in sectors like travel, ticketing, hospitality, and retail. The partnership introduces two main features: Multi-Card Payments, allowing customers to split purchases across multiple cards, and Group Payments, enabling up to ten individuals to share a bill. These features are designed to reduce cart abandonment and improve customer experience by offering flexible payment options. Additionally, Hands In's Decline Recovery feature helps recover failed transactions, potentially increasing sales for merchants.
Why It's Important?
The introduction of split payment solutions by AsiaPay and Hands In is crucial for merchants facing high cart abandonment rates due to credit limits and group payment logistics. By providing flexible payment options, this partnership can enhance customer satisfaction and increase transaction completion rates. The Decline Recovery feature is particularly significant as it addresses a major source of lost revenue, with failed payments costing the global economy billions annually. For merchants, these solutions not only improve the checkout experience but also serve as powerful tools for customer acquisition and retention, ultimately boosting their bottom line.
