Watch This Space, page-4652

Thanks @Eggboy

The key references to Splitit are as follows:

1. Customer is using available credit and converting into instalments
2. Customer is able to repay the full purchase amount in instalments
3. Funds that are repaid are then returned to available credit

This IS the Splitit model - please get familiar with the patent.

To me it looks like they have developed a new way to provide the SPT instalment solution and IMO it has improved the customer experience.

It is allowing the customer to have the available credit at POS to purchase the item and still pay it back in instalments. Very clever. It semi pre-purchase but they are not taking on any new credit, they are just converting their available credit into "cash" that can be repaid in instalments.

Probably why it has taken them so long to launch. The existing SPT model needed optimisation as you can see from the lack of understanding in customer reviews.

By offering a "Cash Instalment Plan" they have changed the way the solution is perceived. Fundamentally, nothing has changed. The customer is able to use their available credit in instalments which are paid back monthly. Once each repayment is made, the available credit returns to the card. It is just triggered earlier on in the customers purchase journey. If you read into the Splitit patent, this will make more sense.

I think this is a fantastic move from Splitit and is potentially what has taken so much time to develop with Visa and Mastercard. It has created the scalability required to get this solution onto millions of credit cards and to be used at millions of merchants.

Hope this helps clarify. Happy to be proved wrong.

Watch this space.