US-based monthly payment platform Splitit has expanded the availability of its instalment payment solution for debit cards in the US and Europe.
The payment offering will now allow customers to split the purchases of $400 or less made using their existing debit cards into up to three interest-free monthly instalments.
Previously, it could be used only with an existing credit card to divide any cost into up to 12 interest-free payments.
Splitit said that the extension of its service will improve purchasing power for consumers, while enhancing sales revenue for merchants through provision of more payment options across channels and borders.
The solution can be implemented instantly and is applicable for online, in-store and mobile purchases. It does not require any applications or registrations for new credit lines.
Splitit CEO and co-founder Gil Don said: “Merchants are looking for ways to empower their customers with more options to make their purchases feasible. Simultaneously, consumers, especially millennials, are interested in solutions that will help them better manage their cash flow.
“With millions of dollars’ worth of purchases at stake, retailers must ensure a seamless, efficient and customer-centred checkout process, and Splitit is the only payment method solution that truly does this – with no applications, no interest and instant approval.”
The company expects that the expansion will cater to increasing preference for debit cards, for which the number of transactions per active consumer card reached 23.6 per month in the US in 2016.