Instalment payment specialist Splitit has signed an agreement with Mastercard that will allow it to extend its reach by integrating its instalment product into Mastercard’s technology.
In an announcement to the ASX yesterday, Splitit said that as a Mastercard network partner it would “enable merchants to deliver seamless and secure consumer experiences at checkout, both in store and online.”
Splitit was founded in 2009 and was listed on the ASX in January last year. It has a payment method that allows consumers to use an existing debit or credit card to pay for purchases on an instalment basis, fee and interest free.
Splitit chief executive Brad Paterson said in a statement that the company’s strategy was to grow through partnerships.
In January, it formed a partnership with Stripe that will see Splitit’s product integrated with Stripe Connect.
Mastercard and Splitit will work on new instalment and related products.