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Splitit Payments (ASX:SPT) - CEO, Brad Paterson - The Market Herald
CEO, Brad Paterson
Source: Business Insider
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  • Splitit Payments (SPT) will partner with Google in Japan to allow purchases to be split into interest and fee-free monthly payments
  • The payment solutions provider will be the first partner Google works with to offer instalment payment solutions in Japan
  • Japanese customers will soon be able to purchase Google’s new 5G phone, the Pixel 5, or Nest devices from the Google Store and split their payments into equal monthly instalments
  • Splitit Payments is trading at $1.30 per share

Splitit Payments (SPT), a global payment solutions provider, has signed an agreement with Google to allow Japanese customers to use instalment plans and make purchases from the Google Store.

This is the first time customers in Japan will be able to use instalment plans to make purchases from the Google Store.

Splitit is a payment method solution which enables customers to pay for purchases with an existing credit card by splitting the cost into interest and fee-free monthly payments, without additional registrations or applications.

The company enables merchants to offer their customers an easy way to pay for purchases in monthly instalments with instant approval, therefore increasing revenue.

In the coming weeks, Japanese customers purchasing Google’s new 5G phone, the Pixel 5, or Nest devices from the Google Store will be able to split their payments into equal monthly instalments.

“We are working with Google in its effort to provide the best possible experience for its customers, and the seamless integration of Splitit into Google Store Japan means they never have to leave the platform,” said Splitit CEO Brad Paterson.

“Splitit is the only instalment provider to service the huge credit card industry, with 68 per cent of adults in Japan holding a credit card, the highest in Asia. Splitit does not issue new credit to consumers, but rather allows existing credit cardholders to make higher-value purchases more easily, without incurring additional costs or fees”.

The CEO says the partnership marks the next phase in SPT's expansion into Asia, as it continues to grow its global footprint.

Splitit Payments is trading at $1.30 per share at 10:26 am AEDT.

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