Citibank Equal Payment Plan, page-5

Splitit is such an insanely flawed business model i am struggling to wrap my head around it.

They have no merchants of substance in Australia because very, very few retailers can defer their revenue like splitit requires. Retail is a tough enough space as it is with significant planning required with respect to matching inventory purchases to sales, splitit derails this if a merchant is only collecting payment over an extended period of time.

What merchant wouldnt rather suck up a 3.5% transaction fee (the transaction fee with splitit would be the 1-1.5% charged by the issuer plus splitits cut on top).

The final nail in the coffin is that this service is something financial institutions can replicate with limited tech investment, the barriers to entry are negligible. Unlike Afterpay (which has significant risk too), it does not have the branding and target market focus that creates a hurdle for competitors to replicate it.

Although the comparable options in Australia currently attract interest rates, you dont honestly think they will look to match Splitit's offering given they are taking on just as much risk with a Splitit transaction and receiving no additional fees?

I see a low barrier of entry and a highly unattractive (relative to APT) offering to merchants, what am i missing?