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June 24, 2022

Splitit adds BNPL support for Everyware’s Pay By Text

Contactless payments and customer engagement technology provider Everyware has tapped Splitit to add the latter’s installment capabilities to its Pay By Text platform.

Free Report
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What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

Incorporation of Splitit’s Installments-as-a-Service platform is aimed at providing a mobile-first BNPL solution with minimal friction.

Splitit enables a simple integration via single-point API, which covers network programmes such as Visa Installments.

Devoid of any application or hidden charges, the use of any consumer credit card is automatically pre-qualified.

Everyware chief revenue officer Kevin Feagan said: “Contactless payments and installment payments have followed a similar trajectory over the past few years.

“We saw a tremendous opportunity by combining the two. Splitit delivers minimal friction for mobile installment payments and an easy path to integrate with its API.”

Besides, merchants can add their service to new markets with a single integration, benefitting from Splitit’s use of global credit card networks.

The firms will focus on major verticals such as home improvement, non-profit, as well as healthcare.

The integration is anticipated to be concluded by the third quarter of this year.

Splitit chief revenue officer Colt McCutcheon said: “Everyware has done a tremendous job answering the needs of mobile-first consumers by leading the way towards widespread adoption of pay by text. The addition of Splitit’s Installments-as-a-Service makes mobile payments even more powerful.”

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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