Splitit partners with Mastercard to accelerate global installment payments adoption

Source: IBS Intelligence 2020-06-22

US-based Splitit, a global payment solutions provider has announced that the company has signed a multi-year agreement with Mastercard to accelerate the adoption of Splitit’s instalment solution globally.

Through the partnership, Splitit will leverage Mastercard’s network of partners to extend and scale instalment functionality to consumers and merchants. The firm will integrate its instalment solution with Mastercard’s suite of technology as a network partner to enable merchants to deliver seamless and secure checkout experience, both in-store and online.

“We are very excited to be partnering with Mastercard who share our strong commitment to accelerating the adoption of instalment payments globally. This is a fantastic way to broaden the distribution of our solution, leveraging Mastercard’s incredible global reach, and build out a range of instalment services. It’s a major plank in our strategy to grow through strategic partnerships to make Splitit a household name,” said Brad Paterson, CEO of Splitit.

According to the company, the partnership follows it’s record growth in sales volume and usage that resulted in record merchant sales volume of 321% compared to May 2019. Both companies together are also planning to develop instalment and related products. Mastercard’s Payment Gateway Services (MPGS) and Application Programming Interface (API) technology are expected to enable a strategic way to offer Splitit’s instalment solution through any channel. The collaboration will also explore accelerated partnerships with Mastercard’s suite of instalment solution providers.

Splitit and Visa partner for global instalment payment acceleration.

“This partnership with Splitit will help to drive higher transaction volumes for businesses and deliver budgeting solutions in the moment consumers are seeking them. Our network and global reach, alongside Splitit’s solution, aligns with our commitment of providing choice, control, and simplicity to consumers and businesses. Consumers walk away with payment options, and businesses get paid in full, building consumer loyalty,” said Zahir Khoja, executive vice president of global merchant solutions and partnerships at Mastercard.

Founded in 2012, Splitit’s patented technology enables e-commerce merchants to offer interest-free monthly instalment payments to their customers at the point of sale. Recently BlueSnap partnered with Spiltit to improve the merchant and customer experience on instalment payment transactions.

Splitit partners with Mastercard to accelerate global installment payments adoption

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