Splitit Payments has signed a multi-year agreement with Mastercard.
Splitit is a payment solution allowing customers to pay for purchases across monthly payments, with interest.
It offers instant approval to boost sales, decreasing cart abandonment.
The Australian business is set to rival Afterpay.
What does this mean?
Splitit has partnered with the global payments giant to help accelerate adoption of its solution across the world. Mastercard will integrate Splitit as a network partner. It’s hoped that Mastercard merchants will be able to improve the customer experience both instore and online and improve the number of sales that make it through the checkout process.