What I understand is that the mastercard payment rails are the basic infrastructure that MC uses to allow customers to purchase. On those 'rails' there are a range of tools that MC (and the likes of VISA) build and develop to make all kinds of payment types possible. These are often called APIs.
In this cae the 'tool' being talked about would be something that makes BNPL at point fo sale possible. That is the tool that SPLITIT has developed.
That tool can be used by anyone that faciltiates payments like merchants (ships), lenders (ie: banks) and other payment providers like Quickfee, ChargeAfter and GreeenFeather. I believe that when SPLITIT partners with these other payment poviders or banks, it will become common that these organsations use SPLITIT as a 'white label' product. This means as a merchant or a customer you would neven know it was SPLITIT. The example this week was Green Feather who provide SPLITIT as part of a product called 'Feather Pay'. FeatherPay provide a payment platform that merchants who sell medical devices etc, can apply in their busienss to provide a range of options for a customer to pay their bills. The tool that Greeenfeather are providing to their merchants to facilitate BNPL at the point of sale, is via SPLITIT software. Hence the partnership.
You would have also seen the ChargeAfter announcement where SPLITIT is also partnering. Again, I dont beleive we should expect to see SPLITIT as the label we see promoted. ChargeAfter will make available a whole range of payment tools to banks etc, in part also using VISA tools (API). So, this partnership is also particular. As I understand it SPLITIT partnered with VISA to develop 'tools' as part of the VISA API suite of tools. After just over 12 months of that partnership, now SPLITIT has also partnered with ChargeAfter (part owned by VISA), as Chargeafter will now use and promote SPLITIT's software to banks. What this means is that these banks can utilise SPLITIT to make point of sale BNPL available to any customers they have approved as VISA credit card holders.
That was probably a bit longer response than you had anticipated. I may not be precisely accurate with some terminology etc, as I am not a fintech expert, but this is what I understand to essentially be the case.
EB
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