FinTech: Splitit And Visa To Partner On A BNPL Solution

May 8, 2023 | FinTech, News

The arrangement is likely to benefit merchants through increased sales conversion and order size.

Splitit (ASX: SPT) and Visa (NYSE: V) have entered a two-year collaboration to pilot a new instalment solution that provides an ultra-low-friction consumer experience. The solution will offer a single point integration for credit card instalments through Splitit’s Instalments-as-a-Service solution and Visa Instalments.  (Splitit)

As a result of this partnership, acquirers and merchants who participate in the program can utilize a Buy Now Pay Later (BNPL) payment option that integrates credit card instalments through a single point of integration (via API). This is made possible by combining Splitit’s Instalments-as-a-Service solution with Visa Instalments (VIS), a suite of solutions provided to issuers, acquirers, and merchants.

The pilot will be launched in the second half of 2023 in select markets.

Splitit is a whitelabel instalment solution that powers the next generation of Buy Now, Pay Later through its merchant-branded platform.

The CEO and Managing Director of Splitit said acquirers and merchants could now utilize the advantages of Visa Instalments together with Splitit’s universal credit card acceptance in a single API integration and solution. He added that the simplified and optimized instalment experience offered to consumers would potentially lead to increased sales conversion and order size, an outcome that would benefit these merchants.

Related Story:  Visa, Froda, And Lunar Tie-Up For Global SME Lending Solution

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