Openpay extends third-party partnerships to drive new discounts for consumers as part of its May campaign efforts
Payments fintech, Openpay, has confirmed its new A/NZ head of marketing as it takes the wrappers off its annual OpenMay campaign.
The company has recently appointed Kathryn Grant as its new A/NZ head of marketing, recruiting the senior executive from international payment solutions provider, WEX, where she spent four years as head of marketing for Asia-Pacific. Grant boasts of more than 15 years’ experience in marketing, working her way from coordinator to marketing leader of projects and operations at GE before a short stint with ANZ. She joined WEX as a marketing manager before rising to the regional leadership position in March 2018.
The news comes as Openpay launched its latest campaign, which focuses on consumers paying their own way and on their own terms using the company’s plans and payment offerings. The creative also highlights a range of ‘a-May-zing’ deals and discounts available during the month of May from its 50 merchant partner brands across retail, home, auto and health categories. Brands include House, Nine West and Spotlight.
The OpenMay campaign will run across digital out-of-home, paid social and owned channels and was created in partnership with Ryval and Keep Left.
Openpay said the 2021 edition of its OpenMay campaign achieved strong Total Transaction Value (TTV) growth and new customer sign ups by reaching more than 5 million Australians and triggering over 50,000 app downloads.
“We are excited to bring OpenMay to market again as we know consumers are always looking to shop smarter, save money, and better manage their finances,” Grant commented. “We’ve got more partners offering more discounts this year so coupled with Openpay's longer payment plans, this should see customers extracting greater value from their purchases. It’s about consumers getting what they want at the best price, with the greatest flexibility over how they spread the cost.”
Openpay is one of several players in the booming Buy Now Pay Later (BNPL) financing solution category. The company claims its differentiator in market is its ability to facilitate spending of up to $20,000 with payment terms of up to 24 months.
A January 2022 Reviews.org report found 43 per cent of Aussies surveyed have used a NBPL service and 25 per cent currently had an outstanding balance. The main reasons for using these services included not having enough money to cover the full amount upfront, it’s easier to budget small payments, and they wanted to take advantage of a timely sale.
The average largest purchased made using these services was $466.74, according to Reviews.org, while the average outstanding balance is $391.56. Just shy of half of the consumers using these services are under 34 years of age.
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