Splitit partners with Visa to offer enhanced instalment solution

ASX-listed Splitit Payments have signed a new two-year partnership agreement with Visa to pilot an enhanced instalment solution upon which the companies have collaborated to optimize consumer experience for Visa Instalments embedded in the Splitit solution.

Through this collaboration, participating acquirers and merchants gain access to a Buy Now Pay Later payment option offering a single point of integration (via API) for credit card instalments by combining Splitit’s Instalments-as-a-Service solution with Visa Instalments (VIS), a suite of solutions offered to issuers, acquirers and merchants.

The combination enables merchants to offer a universally accepted card-attached instalment solution, embedded within their existing credit card process, which will be available through participating acquirers.

Visa Instalments will be integrated within Splitit’s existing API to provide a fully embedded and universal consumer experience. The pilot will be launched by Splitit and Visa in the second half of 2023.

Splitit CEO and Managing Director, Nandan Sheth said, “We are excited to be partnering with Visa to pilot a new instalment solution, which enables Acquirers and Merchants to access the powerful benefits of Visa Instalments coupled with Splitit’s universal credit card acceptance in a single API integration and solution. By providing consumers with an optimised, simplified instalment experience, merchants can enjoy improved sales conversion and increased order size. We look forward to working closely with the team at Visa to launch the solution.”

The economic materiality of the agreement with Visa is unknown due to the variable nature of revenues which are dependent on the value of customer purchases using Splitit’s services.

However, Splitit expects that its partnership may have a material impact on Splitit’s brand and business development prospects.