Based on the information detailed in the announcement, the partnership is set to provide a single point of integration for credit card instalments by having Splitit’s instalments-as-a-service combined with Visa Instalments into a Buy Now, Pay Later (BNPL) payment option.
Merchants are set to be enabled to leverage the universally accepted card-attached instalment solution embedded within their current credit card process to provide customers with payment instalments services.
The Market Herald article highlighting the news details that Splitit Payments advised that it is a white-label instalment solution that allows customers to carry out payments over time using their existing credit on eligible cards, and the company has the belief that the Visa collaboration offers it the chance to further optimise the consumer experience.
Visa Instalments are set to be integrated within Splitit’s existing Application Programming Interface (API) in order to provide a fully embedded and universal consumer experience. Commenting on the partnership, Splitit’s CEO and Managing Director Nandan Sheth stated that the company is looking forward to cooperating with Visa towards piloting a new instalment solution that is going to enable acquirers and merchants alike to access the benefits associated with Visa Instalments combined with Splitit’s universal credit card acceptance in a single API integration and solution.
What is more, the company’s spokesperson believes that by providing consumers with an instalment experience that is both optimised and simplified, merchants are set to be enabled to benefit from improved sales conversion, together with an increased order size.
Splitit Payments kicked off 2023 with a multitude of announcements, ranging from partnerships to product launches.
One of its most recent developments marks the April launch of its SplititExpress service, which enables checkout in under 2 seconds and offers instalment payments support via GPay and ApplePay. What is more, within the same month, the company partnered with fintech Rapyd to assist firms in delivering simplified instalment payments to their shoppers.
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