Splitit Payments Ltd (ASX:SPT), a global installment payment technology company, today announced it is partnering with Visa to help accelerate the distribution of installment payments for merchants. Visa and Splitit will also explore further opportunities relating to new product development.
“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 leverage the Visa Developer Platform to participate in ongoing innovation of the installment payments landscape globally. Splitit will also integrate with Visa Installment Solutions, a new capability that helps participating issuers and merchants give Visa cardholders more control on how a purchase is paid. Splitit will offer Visa Installment Solutions to its merchant network.
“Our work with partners like Splitit will continue to support Visa’s efforts to fuel innovation in the installments space,” said Mary Kay Bowman, head of global seller and consumer products & solutions, Visa. “This collaboration will also help accelerate the adoption of Visa’s capabilities throughout the ecosystem, and ultimately simplify the installment payments process at checkout for financial institutions, sellers, and consumers.”
“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 Brad Paterson of Splitit
Splitit is a payment method solution enabling customers to pay for purchases with an existing debit or credit card by splitting the cost into interest and fee-free monthly payments, without the need for additional registrations or applications. Splitit enables merchants to offer their customers an easy way to pay for purchases in monthly instalments with instant approval, decreasing cart abandonment rates and increasing revenue. Serving many of Internet Retailer’s top 500 merchants, Splitit’s global footprint extends to hundreds of merchants in a number of countries around the world. Headquartered in New York, Splitit has an R&D centre in Israel and offices in London, with plans to establish itself in Australia for its expansion into the Asia-Pacific region.