PURCHASE, N.Y. & NEW YORK--(BUSINESS WIRE)--As more people enter the digital economy, credit and consumer financing is evolving – providing increased flexibility for more people, catering to new shopping trends and behaviors, and empowering retailers with new experiences. To meet shifting consumer demands, Jifiti has today announced the expansion of its partnership supporting both merchants and issuers with Mastercard, to scale its point of sale installments offering to provide more options for consumers at checkout.
"We're proud to be expanding our partnership with Mastercard, a global payment and technology company that is so committed to delivering value to merchants and consumers,” shared Yaacov Martin, Co-Founder and CEO at Jifiti. "Together, we are bridging the gap between merchants, consumers and lenders by offering a minimal-integration platform. The key to success in the retail space is the ability to quickly test, launch and roll out shopping experiences that their customers will love. Together we will make that more accessible to banks, merchants and consumers.”
Point-of-sale (POS) financing is growing 20% a year in the U.S. with similar growth rates found in Europe, Asia and Australia. Globally, it is predicted to grow to $2.52 trillion in 20221. Jifiti’s technology is supporting that growth – consumers are connected to a variety of lenders, giving them a choice of financing options for their purchases, and allowing them to plan and manage repayments over an extended period.
Retailers are able to capitalize on this consumer demand by simply and securely offering financing programs, benefiting from increased purchase completion and reduced shopping cart abandonment. Jifiti’s platform is fully integrated using Mastercard’s Application Programming Interface (API) technology, enabling lenders and retailers to easily upload their loan products which are then displayed to the customer at the point of sale (POS). And through Jifiti’s zero-integration solution retailers can implement programs with minimal IT resources or systems integration.
“Mastercard is creating a future where payments keep pace with the way we live, work and do business. We are constantly working to provide responsible options for consumers in how they manage their finances and spend, while providing more flexibility, control, and transparency,” said Zahir Khoja, Executive Vice President, Merchant Solutions and Partnerships, Mastercard. “Our work with Jifiti and the wider consumer financing ecosystem continues to accelerate as we deliver innovative solutions and credit options in the moment consumers are seeking them.”
Jifiti is a fintech company with offices in the US and Tel Aviv, Israel. Its proprietary POS-financing platform is changing the way lenders and merchants implement and offer consumer financing at the point-of-sale. The end-to-end solution works seamlessly with any existing POS or e-commerce system, eliminating the integration process between lenders and the merchant’s systems. Jifiti operates in North America and Europe, supporting global retail brands and financial institutions.
About Mastercard (NYSE: MA), www.mastercard.com
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. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
1 POINT-OF-SALE FINANCING: Poised as a Leading High-Growth Offering from Banks and Fintechs. LendIt Fintech Conference LLC. White Paper. 2020