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Splitit Payments (ASX:SPT) - CEO, Brad Paterson
CEO, Brad Paterson
Source: Business Insider
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  • Buy now, pay later player Splitit Payments (SPT) has signed an agreement with global payments technology company, Mastercard
  • The companies will merge technology to create seamless and secure customer experiences at the checkout
  • The partnership will initially launch across three markets, with plans to roll out globally in the future
  • Splitit shares are booming this morning, up 51.5 per cent and is selling shares for $1 each

Splitit Payments (SPT) has signed an agreement with global payments technology company, Mastercard.

Splitit is a payment method that allows customers to pay for purchases with an existing debit or credit card by splitting the cost into interest fee-free monthly payments.

The company will join its instalment solution with Mastercard’s technology, which will allow merchants “to deliver seamless and secure consumer experiences at checkout, both in-store and online.”

“We are very excited to be partnering with Mastercard, who share our strong commitment to accelerating the adoption of instalment payments globally”, Splitit CEO Brad Paterson said.

“This is a fantastic way to broaden the distribution of our solution, leveraging Mastercard’s incredible global reach, and build out a range of instalment services,” he added.

Additionally, the companies will be joining forces to develop other products. Mastercard’s Payment Gateway Services (MPGS) and Application Programming Interface (API) technology will provide support for Splitit’s instalment solution.

The partnership will initially launch across three markets, with plans to roll out globally in the future.

“This partnership with Splitit will help drive higher transaction volumes for businesses and deliver budgeting solutions in the moment consumers are seeking them,” Executive Vice President of Global Merchant Solutions and Partnerships at Mastercard, Zahir Khoja, said.

“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,” he added.

Splitit shares are booming this morning, up 51.5 per cent and is selling shares for $1 each at 11:42 am AEST.

SPT by the numbers
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