Splitit will leverage Mastercard’s network of partners to extend and scale installment functionality to consumers and merchants. It will integrate its installment solution with Mastercard’s suite of technology as a network partner to enable merchants to deliver seamless and secure consumer experiences at checkout, both in store and online.
This announcement comes after Splitit’s recent May investor update, which shared that the company showed record growth in sales volume and usage that resulted in record merchant sales volume of 321% compared to May 2019.
Mastercard and Splitit will also jointly develop installment and related products. Mastercard’s Payment Gateway Services (MPGS) and Application Programming Interface (API) technology will enable a systemic, scalable way to offer Splitit’s installment solution through any channel. The partnership will also explore accelerated collaborations with Mastercard’s suite of installment solution providers
The partnership will plan to launch pilots across three markets with plans to roll out globally.