Payment solutions provider Splitit Payments has inked a multi-year agreement Mastercard to accelerate the adoption of its instalment solution globally.
The company intends to bring choice, control, and simplicity to consumers and businesses by scaling its instalment offerings in collaboration with Mastercard.
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The solution will be offered on any channel determined by Mastercard’s Payment Gateway Services (MPGS) and API technology.
Splitit Payments will look to collaborate with Mastercard’s existing suite of instalment solutions providers as well.
In addition to the instalment offerings, Mastercard and Splitit will also collaborate to jointly develop other related products.
Mastercard EVP of global merchant solutions and partnerships Zahir Khoja said: “This partnership with Splitit will help to drive higher transaction volumes for businesses and deliver budgeting solutions at the moment consumers are seeking them.
“Our network and global reach, alongside Splitit’s solution, aligns with our commitment to providing choice, control, and simplicity to consumers and businesses.
“Consumers walk away with payment options and businesses get paid in full, building consumer loyalty.”
Under the partnership agreement, Splitit will leverage Mastercard’s network to scale and extend its instalment service to consumers and merchants.
Integrating with Mastercard’s suite of technology, the solution will help businesses deliver unified and secure consumer experiences at checkout – both in-store and online.
Splitit CEO Brad Paterson said: “We are very excited to be partnering with Mastercard who share our strong commitment to accelerating the adoption of instalment payments globally.
“This is a fantastic way to broaden the distribution of our solution, leveraging Mastercard’s incredible global reach, and build out a range of instalment services.”
Splitit and Mastercard plan to initially roll out pilots across three markets and then launch the solution globally.
