OxPay SG’s merchant transactions affected after partner terminates agreement
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OxPay SG said it will work with merchants to provide an orderly exit.
ST PHOTO: JOYCE FANG
Yong Hui Ting
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SINGAPORE – Licensed payments provider OxPay Financial announced on Tuesday that Worldpay, a payment-processing company, has terminated a payment-facilitation agreement with OxPay SG.
This comes as Worldpay claims that OxPay SG has breached a clause in the agreement that requires Oxpay SG and its merchants not to do anything that Worldpay believes to be disreputable, or which is capable of damaging its reputation or goodwill.
The clause also includes a provision for Worldpay to terminate the agreement if there is an occurrence that adversely affects OxPay SG’s ability to meet its current, future or potential liabilities under the agreement.
As the agreement was terminated with immediate effect, OxPay SG was notified that the settlement of transactions through the company had been deferred. OxPay SG said it will work with merchants to provide an orderly exit.
OxPay SG plans to appeal against Worldpay’s decision, saying that it is communicating with Worldpay to understand its concerns.
“The termination of the agreement is expected to have a material impact on the financial performance and position of the group for the current financial year ending Dec 31, 2023, although the impact will be on the group’s Singapore market only,” said OxPay Financial.
It added that it will provide updates if there are material developments on this matter.
Shares of Singapore-listed OxPay Financial closed at 7.3 cents, down 2.67 per cent, on Tuesday. THE BUSINESS TIMES
