Splitit, a monthly instalment payment service in the US, has launched a new offering that enables customers to split one purchase between different credit and debit cards.

Dubbed Multi-Card Payment, the new offering is intended to reduce the risk of reaching credit limit.

In addition, the new offering will deliver benefit of multiple rewards programmes through use of more than one card on a purchase.

Splitit said that the new Multi-Card Payment offering is equally beneficial for retailers. Its recent survey showed that 27% of consumers are more likely to buy if they get an option to use multiple cards.

Splitit CEO and co-founder Gil Don said: “Allowing consumers the ability to split the cost of purchases between multiple credit or debit cards or make their first payment after trying out a product is a plus for consumer affordability and a boon for merchants’ sales.”

The firm also introduced new Deferred Payment offering designed to provide consumers with a 90 days trial period prior to making a purchase in full or instalments.

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Meant for credit cardholders, the deferred payment solution does not charge any late fees or interest. This offering is also expected to increase revenue and acts as a guaranteed deposit for merchants.