IOUpay provides BNPL Business Offering and Operational update

IOUpay Limited (ASX: IOU) has announced BNPL Business Offering and Operational update. The Company confirmed that in the first half of June 2022 quarter, BNPL volume increase 15% compared to the previous half quarter period.

The myIOU Income Margin of 7.1% is in line with the average margin over the financial year to date. On a financial YTD basis, IOU has written TTV of AU$25,507,217 delivering NTR of AU$1,782,125. The Company reports Non-Performing Loans of AU$133,183 and NPL Ratio of 0.51% as at 15th May 2022.

The Company also noted constant growth in Consumer and Merchant sign ups, approval and onboarding. The Company assumes to launch myIOU on SOGO’s POS platform for instore purchases by June quarter end. In second phase, IOU expects to ‘go live’ with myIOU on SOGO’s ecommerce platform for online purchases during the September 2022 quarter.

IOU reported that RMS had onboarded a total of 290 merchants. In coming days, special campaign will be implemented to expedite merchant assessment & onboarding.

Further, the Company announced that a marketing programme is being developed to market myIOU BNPL services into IDSB’s high credit quality, civil servant customer base, and is anticipated to be rolled out in phases beginning in the September quarter.

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