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Splitit has unveiled a new checkout service called SplititExpress, designed to streamline the installment payment process for consumers. This innovative solution allows users to pay via their existing credit cards in under 2 seconds, facilitating a fast checkout experience optimized for mobile devices. SplititExpress supports major payment platforms, including GPay and ApplePay. The service boasts an impressive approval rate of over 85% and features a customizable, merchant-branded interface, letting businesses enhance customer engagement through tailored payment options. Splitit's approach utilizes existing credit rather than originating new loans, enabling interest-free installments. This offering could disrupt traditional buy now, pay later services by reducing checkout clutter and enhancing brand loyalty.
Splitit has been recognized in the Financial Times list of Americas' Fastest Growing Companies 2023, ranking 54th out of 500 companies based on revenue growth from 2018 to 2021. This acknowledgment highlights the effectiveness of Splitit's unique Installments-as-a-Service platform, which allows merchants to offer consumer credit solutions without additional applications or fees. The company’s technology addresses key issues faced in the Buy Now, Pay Later sector, enhancing customer experience and driving sales. CEO Nandan Sheth expressed pride in the team’s achievements as they continue to expand their market presence.
Splitit has launched its Checkout Plugin for SAP Commerce Cloud, enabling merchants to offer one-click installments with reduced integration costs. This integration targets large enterprises that require a streamlined solution for advanced B2B, B2C, and B2B2C use cases. The plugin allows merchants to customize their checkout experience and embed Splitit's Installments-as-a-Service smoothly into their existing workflows. This initiative is part of Splitit's strategy to enhance its offerings and strengthen its position in the Buy Now, Pay Later (BNPL) market, aiming to elevate customer experience and increase conversion rates.
Splitit Payments Limited (ASX:SPT, OTCQX:SPTTY) has partnered with Alipay to introduce a 'Pay After Delivery' option for shopping on AliExpress. This service, leveraging Splitit's Instalments-as-a-Service platform and Checkout.com's payment capabilities, allows consumers in Germany, Spain, and France to pay for goods after delivery using their existing credit cards. The partnership aims to enhance the shopping experience and is expected to significantly impact Splitit's brand and business development. Further expansions into other international markets are anticipated, although the economic materiality of the agreement remains unknown due to variable revenue factors.
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.
Splitit's recent data reveals notable shifts in holiday shopping habits, with Electronics leading as the top category, comprising 24% of merchant sales volume (MSV) between November 21 and November 28, 2022. Average spending increased to $1,179, up 17% from last year. Shoppers opted for an average of 8.45 installments, a 24% increase in payment flexibility. Other key categories included Fine Jewelry (18%), Fitness and Outdoors (16%), Home Furnishings (15%), and Health and Beauty (9%), indicating diverse consumer interests despite inflationary concerns.
