ALMATY - Joint Stock Company Kaspi.kz (NASDAQ:KSPI), a leading Kazakh fintech company, has announced a new partnership with Alipay+, enabling its customers to make QR code payments across China using the Kaspi.kz Super App.
This collaboration seeks to simplify transactions for Kazakhstani travelers in China, where they can now pay for services and goods at over 80 million retail points without the need for cash or cards.
CEO and Co-founder of Kaspi.kz, Mikhail Lomtadze, expressed the company's commitment to meeting customer needs, especially for those who work, study, or vacation in China. He highlighted the convenience this service will offer to their customers, emphasizing the ease of transacting abroad similar to their home country.
Venetia Lee, Greater China General Manager of Ant International, also shared her enthusiasm for the partnership, noting that it will enhance the travel and shopping experience for Kaspi.kz users in China. She further stated the aim of Alipay+ to continue leveraging their innovative technology to foster connections through travel, trade, and commerce.
To use the service, Kaspi.kz customers simply need to open their app, select the Alipay+ service, and present their QR code for scanning at the point of sale, or scan the seller's QR code themselves.
Kaspi.kz operates a dual Super App model, providing a Kaspi.kz Super App for consumers and a Kaspi Pay Super App for merchants. These platforms offer a range of payments, marketplace, and fintech services designed to be integral to users' daily needs, facilitating seamless connections and transactions between consumers and merchants.
With its mission to enhance people's lives through innovative mobile products and services, Kaspi.kz has demonstrated strong top-line growth and a profitable business model since its listing on Nasdaq in January 2024. This partnership with Alipay+ is a continuation of Kaspi.kz's strategy to expand its service offerings and maintain its position as a leader in the digital payments space.
The information for this report is based on a press release statement from JSC Kaspi.kz.
InvestingPro Insights
As Kaspi.kz (NASDAQ:KSPI) forges a new partnership with Alipay+ to enhance its service offerings, the company's financial metrics provide a broader picture of its market position and performance. The latest data from InvestingPro indicates that Kaspi.kz is trading at a low P/E ratio of 10.9, relative to near-term earnings growth, making it an attractive proposition for investors looking for value in the Consumer Finance industry. The company's PEG ratio, which stands at 0.29, further supports this view, suggesting that the stock may be undervalued given its earnings growth potential.
InvestingPro Tips highlight Kaspi.kz as a prominent player in its sector, with a noteworthy return of 60.05% over the last year and a strong return of 29.01% over the last three months. This performance aligns with the company's strategic initiatives, such as the recent collaboration with Alipay+, which could further bolster its market position.
Additionally, Kaspi.kz has shown a remarkable ability to maintain dividend payments, with a current dividend yield of 4.62%, and has achieved a significant dividend growth rate of 203.22% over the last twelve months. This consistent return to shareholders underlines the company's financial health and commitment to delivering value.
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