Splitit Payments (ASX:SPT) signs two-year instalments partnership with Visa

• Splitit Payments (SPT) strikes a two-year deal with Visa to offer merchants a new payment instalments solution embedded within their existing credit card process
• Under the partnership, Splitit will combine its instalments-as-a-service solution with Visa Instalments to create the new buy now, pay later solution
• The pilot product will be launched by SPT and Visa during the second half of 2023 in select markets
• Splitit said the “economic materiality” of the partnership was, at this stage, unknown given its dependence on the value of purchases using SPT services
• SPT shares are up 8.7 per cent to 12.5 cents at 10:35 am AEST

Splitit Payments (SPT) has signed a two-year deal with Visa to offer merchants a new payment instalments solution embedded within their existing credit card process.

The partnership offers a single point of integration for credit card instalments by combining Splitit’s instalments-as-a-service solution with Visa Instalments into a buy now pay later payment option.

Merchants can then use the universally accepted card-attached instalment solution embedded within their existing credit card process to offer payment instalments services to customers.

SPT said it was the only white-label instalment solution that allowed consumers to pay over time with their existing credit on eligible cards, and the collaboration with Visa allowed the company to further optimise the consumer experience.

Visa Instalments will be integrated within Splitit’s existing Application Programming Interface (API) to provide a fully embedded and universal consumer experience.

“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,” SPT CEO and Managing Director Nathan Sheth said.

“By providing consumers with an optimised, simplified instalment experience, merchants can enjoy improved sales conversion and increased order size,” Mr Sheth said.

The pilot will be launched by SPT and Visa by the second half of 2023 in selected markets.

Meanwhile, SPT has issued 90,909 unlisted options under its Employee Share Incentive Plan to each of its non-executive directors, approved by shareholders at its extraordinary general meeting in April.

SPT shares were up 8.7 per cent to 12.5 cents at 10:35 am AEST.