Mastercard and Splitit will also jointly develop instalment 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 instalment solution. The partnership will also explore accelerated collaborations with Mastercard’s suite of instalment solution providers. The partnership will plan to launch pilots across three markets with plans to roll out globally. “This partnership with Splitit will help to drive higher transaction volumes for businesses and deliver budgeting solutions in the moment consumers are seeking them,” says Zahir Khoja, Executive Vice President of Global Merchant Solutions and Partnerships at Mastercard. “Our network and global reach, alongside Splitit’s solution, aligns with our commitment of providing choice, control, and simplicity to consumers and businesses. Consumers walk away with payment options and businesses get paid in full, building consumer loyalty.” At this point in time, Splitit is not able to determine the economic materiality of the partnership with Mastercard due to the contingent nature of results that may be generated.
SPT Price at posting:
$1.47 Sentiment: Buy Disclosure: Held
