The buy, now pay later (BNPL) technology firm Splitit Payments has partnered with Visa to advance installment payments for merchants and evaluate possibilities for new products, Splitit announced on Monday (March 2).
“We are excited to be working with Visa as part of the global installment payment ecosystem. We share a similar vision to make it easier for consumers and merchants to pay and be paid in installments,” said Brad Paterson, CEO of Splitit.
Splitit will harness the Visa Developer Platform to further the development of the installment payments ecosystem worldwide. Splitit will also integrate with Visa’s new Visa Installment Solutions, which enables active issuers and merchants to give Visa cardholders more authority over how goods are paid. Visa Installment Solutions will be offered to Splitit’s merchant network.
“Partnerships like this one are a major plank in our strategy to accelerate growth, and we look forward to working closely with Visa to help our merchant partners provide [an] enhanced customer experience,” said Paterson.
Splitit works with a user’s credit or debit card and does not require applications or credit checks. Installment plans are always 0 percent interest and repayment can be anywhere from six to 24 months long. Users still get cash back as well as other rewards and points, and can shop at a variety of worldwide merchants. A Splitit installment plan does not impact a user’s credit score.
Founded in 2009 by Alon Feit and Gil Don, Splitit works with merchants in 27 countries. The firm has an R&D center in Israel and offices in London. Upcoming plans include expanding into Australia for its rollout into the Asia-Pacific region.
In September, Splitit rolled out a B2B payments service. The Splitit Business Payments platform enables B2B suppliers to offer their own corporate buyers a monthly installment repayment plan that uses those customers’ existing commercial credit cards.
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