Splitit has planned to leverage Mastercad’s network of partners to extend and scale instalment functionality to consumers and merchants.
It will integrate its instalment solution with Mastercard’s suite of technology as a network partner to enable merchants to allow consumer to use it at checkout, both in store and online.
The two companies will also jointly develop instalment and related products, with the partnership to also explore accelerated collaborations with Mastercard’s suite of instalment solution providers.
The collaboration will plan to launch pilots across three markets initially, with the goal being to eventually roll out globally.
Brad Paterson, chief executive of Splitit said the partnership is a “fantastic way to broaden the distribution” of the solution, through using Mastercard’s reach and to build out a range of instalment services.
“It’s a major plank in our strategy to grow through strategic partnerships to make Splitit a household name,” Mr Paterson said.
Zahir Khoja, executive vice-president of global merchant solutions and partnerships at Mastercard said the partnership will help drive higher transaction volumes for businesses and deliver budgeting solutions for consumers seeking them.
“Our network and global reach, alongside Splitit’s solution, [align] with our commitment of providing choice, control and simplicity to consumers and businesses,” Mr Khoja said.
“Consumers walk away with payment solutions and businesses get paid in full, building consumer loyalty.”
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.