SYDNEY, Australia & NEW YORK--(BUSINESS WIRE)--Splitit Payments Ltd. (ASX:SPT “Splitit” or the “Company”), a global payment solutions provider, announces that it has signed a multi-year agreement with global payments technology company, Mastercard Incorporated (NYSE:MA) (“Mastercard”) to accelerate the adoption of Splitit’s installment solution around the world.
Splitit will leverage Mastercard’s network of partners to extend and scale installment functionality to consumers and merchants. It will integrate its installment solution with Mastercard’s suite of technology as a network partner to enable merchants to deliver seamless and secure consumer experiences at checkout, both in store and online.
“We are very excited to be partnering with Mastercard who share our strong commitment to accelerating the adoption of instalment payments globally,” said Brad Paterson, CEO of Splitit. “This is a fantastic way to broaden the distribution of our solution, leveraging Mastercard’s incredible global reach, and build out a range of installment services. It’s a major plank in our strategy to grow through strategic partnerships to make Splitit a household name.”
This announcement comes after Splitit’s recent May investor update, which shared that the company showed record growth in sales volume and usage that resulted in record merchant sales volume of 321% compared to May 2019.
Mastercard and Splitit will also jointly develop installment and related products. Mastercard’s Payment Gateway Services (MPGS) and Application Programming Interface (API) technology will enable a systemic, scalable way to offer Splitit’s installment solution through any channel. The partnership will also explore accelerated collaborations with Mastercard’s suite of installment solution providers
The partnership will plan to launch pilots across three markets with plans to roll out globally.
“This partnership with Splitit will help to drive higher transaction volumes for businesses and deliver budgeting solutions in the moment consumers are seeking them,” says Zahir Khoja, executive vice president of global merchant solutions and partnerships at Mastercard. “Our network and global reach, alongside Splitit’s solution, aligns with our commitment of providing choice, control, and simplicity to consumers and businesses. Consumers walk away with payment options and businesses get paid in full, building consumer loyalty.”
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 additional registrations or applications. Splitit enables merchants to offer their customers an easy way to pay for purchases in monthly installments 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 countries around the world. Headquartered in New York, Splitit has an R&D centre in Israel and offices in London and Australia.
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.