The Visa API allows cardholders to divide their purchases into smaller payments. Visa announced the instalment solutions programme in 2019 as buy now, pay later services such as SplitIt, Afterpay and Klarna gained more popularity in the marketplace.
Splitit says it is unlike other buy now pay later companies in that it does not issue new debt for shoppers. Splitit enables ecommerce merchants to offer interest-free monthly installment payments to their customers at the point of sale. Customers do not have to apply for a new credit line or qualify for a new credit card. Splitit works on their existing credit cards so customers also enjoy all of their regular credit card benefits such as points, cash-back and mileage. For merchants, having this additional payment option can mean increased conversion rates, higher average tickets, increased customer satisfaction and reduced barriers to purchase.
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