Splitit and Worldline sign a North American partnership agreement to simplify the adoption of next-generation card-based installment payments

Rhea-AI Summary

On December 20, 2022, Splitit (ASX:SPT, OTCQX:SPTTY) announced a partnership with Worldline (Euronext: WLN) to simplify card-based installment payments for merchants. The collaboration aims to integrate Splitit’s Installments-as-a-Service platform into Worldline’s North American payment processing. This integration allows merchants to offer one-click installments seamlessly within their existing checkout processes. The initiative is designed to enhance customer experience and drive sales by leveraging existing credit on consumer payment cards without additional fees or credit checks.

Positive

• Partnership with Worldline enhances Splitit’s market reach in North America.
• Seamless integration of Installments-as-a-Service platform simplifies payment options for merchants.
• Opportunity to leverage Worldline's expansive network of merchants to increase user adoption.

Negative

• None.

• The partnership combines Worldline´s position as a preferred partner to many industry-leading merchants worldwide with Splitit's innovative Installments-as-a-Service platform.
• Worldline will initially integrate Splitit into its North American processing platform and enable Splitit APIs via its front end to offer its merchants a seamless, simplified way to adopt card-based installments.
• Splitit's white-label platform delivers one-click installments embedded into the merchant's existing checkout flow.

ATLANTA, Dec. 20, 2022 /PRNewswire/ -- Splitit (ASX:SPT, OTCQX:SPTTY ),  the only white-label service allowing customers to pay by installments using their existing credit on their payment card at checkout, and Worldline (Euronext: WLN), a global leader in payment services, announce the signing of a partnership agreement with Worldline to deliver an integrated card-based installment payments solution to Worldline's extensive network of merchants and marketplaces.

Splitit and Worldline signed a partnership agreement to simplify the adoption of next-gen, card-based installments.

The partnership combines Worldline´s position as a preferred partner to many industry-leading merchants worldwide with Splitit's innovative Installments-as-a-Service platform to drive complementary value for both companies. Worldline will initially integrate Splitit into its North American processing platform and enable Splitit APIs via its front end to offer its merchants a seamless way to adopt card-based installments. Worldline and Splitit will continue to explore expansion into further geographies following the initial launch.

Splitit's white-label platform delivers one-click installments embedded into the merchant's existing checkout flow. The merchant-branded experience, jointly delivered by Splitit and Worldline, reduces the clutter and confusion of multiple payment logos in the checkout, ensuring brand consistency while driving loyalty and repeat purchases.

"The growing merchant demand for next-generation installment options provides a significant opportunity," said Anthony Chalhoub, Managing Director, North America at Worldline. "Splitit delivers a unique white-label installment service that provides consumers with a way to utilize existing credit better to split the cost of purchases while providing merchants more control over the entire experience. We want to enable our customers with value-added payment services that are quick and easy to implement, and Splitit provides that."

"We are delighted to be partnering with Worldline. Our partnership provides an exceptional opportunity to deliver considerable value to Worldline's current and future customers," adds Splitit CEO Nandan Sheth. "Worldline processes billions of transactions globally for some of the most respected brands in the world. Their Merchants will soon be able to benefit from a best-in-class installment service that drives frictionless conversion through a white-label experience."

Instead of originating new consumer loans, Splitit unlocks existing consumer credit on payment cards for 0% interest¹, pay-over-time installments. Any consumer with available credit on their credit card is automatically pre-qualified to use Splitit for the value of that available credit. There's no application, registration or redirects and no additional interest, hidden fees² or credit checks.

For more information about Splitit's Installments-as-a-Service, visit www.splitit.com.

About Worldline

Worldline [Euronext: WLN] is a global leader in the payments industry and the technology partner of choice for merchants, banks and acquirers. Powered by c. 18,000 employees in more than 40 countries, Worldline provides its clients with sustainable, trusted and innovative solutions fostering their growth. Services offered by Worldline include in-store and online commercial acquiring, highly secure payment transaction processing and numerous digital services. In 2021 Worldline generated a proforma revenue close to 4 billion euros. worldline.com

In North America, Worldline is the technology partner of choice for software providers across over 60 industries. Services offered by Worldline in North America include online payment processing, full service or gateway processing, recurring billing, and access to a robust set of APIs. Headquartered in Victoria, BC, Worldline has 150+ employees across Canada and the USA. bambora.com

About Splitit

Splitit powers the next generation of Buy Now, Pay Later (BNPL) through its merchant-branded Installments-as-a-Service platform. Splitit is solving the challenges businesses face with legacy BNPL while unlocking BNPL at the point of sale for card networks, issuers and acquirers all through a single network API. Splitit's Installments-as-a-Service platform mitigates issues with legacy BNPL like the declining conversion funnel, clutter at the checkout and a lack of control of the merchant's customer experience while putting the power back in the hands of merchants to nurture and retain customers, drive conversion and increase average order value. Splitit's white-label BNPL is the easiest installment option for merchants to adopt, integrate and operate while delivering an uncluttered, simplified experience embedded into their existing purchase flow. Headquartered in Atlanta, Splitit has an R&D center in Israel and offices in London and Australia. Splitit is listed on the Australian Securities Exchange (ASX) under ticker code SPT and also trades on the US OTCQX under ticker SPTTY (ADRs) and STTTF (ordinary shares).

Contact Information

US Media Brian Blank Splitit brian.blank@splitit.com +1 760 917 3321		US Media Michael McMullan Berns Communications Group, on behalf of Splitit mmcmullan@bcg-pr.com	Worldline Meghan Casault Worldline meghan.casault@worldline.com +1 778 533 8331
Worldline Susanne Stöger Worldline susanne.stoeger@worldline.com +43 1 71701 6524		Worldline Hélène Carlander Worldline helene.carlander@worldline.com +33 (0)7 72 25 96 04

¹ No interest is payable to Splitit. The cardholder may be liable to pay interest to the issuer of their payment card if the installments are not paid in full by the due date.
² Credit card terms and conditions may apply.

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SOURCE Splitit USA, Inc.

FAQ

What is the partnership between Splitit and Worldline?

Splitit and Worldline signed a partnership agreement to integrate Splitit’s Installments-as-a-Service platform into Worldline's North American processing system.

When was the Splitit and Worldline partnership announced?

The partnership was announced on December 20, 2022.

What benefits does the partnership offer to merchants?

The partnership allows merchants to implement one-click installment payments directly in their checkout flow without additional fees or credit checks.

How does Splitit's payment solution work?

Splitit enables consumers to pay for purchases using existing credit on their cards, offering interest-free installments without any application process.

What are the stock symbols for Splitit?

Splitit trades under ASX:SPT and OTCQX:SPTTY.