Splitit signs instalments partnership with Visa

Thursday 11 May 2023 08:12 CET | News

US-based Splitit has signed a two-year agreement with Visa to provide merchants with a payment instalments solution embedded within their credit card process.


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.

Credit card instalments and what the Visa, Splitit partnership entails

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.

Splitit has signed a two-year agreement with Visa to provide merchants with a payment instalments solution embedded within their credit card process.

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.

The announcement further states that the pilot is set to be launched by Splitit and Visa by H2 2023 in select markets, with the ‘economic materiality’ at this stage of the collaboration being as of now unknown due to its dependence on the value of purchasing leveraging Splitit services.

Splitit 2023 development strategy

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.

In early February, the company announced a collaboration with Ingenico with the goal to implement one-touch BNPL capability to physical checkouts leveraging the latter’s PPaaS (Payments-Platform-as-a-Service) solution alongside its Instalments-as-a-Service one. This news followed the January 2023 one where Splitit, together with Alipay, enabled the ‘Pay after Delivery’ option for customers of AliExpress.

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Keywords: partnership, payments , ecommerce, merchants, credit card, embedded finance, BNPL, instalment payments, fintech, financial services, payment methods, API
Categories: Payments & Commerce
Companies: Splitit, Visa
Countries: United States
This article is part of category

Payments & Commerce




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