18-June-2020: Splitit Partners with Mastercard
plus: Splitit Partners with Mastercard - Clarification - that the Agreement is for an initial five (5) year term.
SPT's SP has more than doubled today on that announcement - up +108% from $0.66 to $1.375 (!!)
Splitit Partners with Mastercard
Partnership to jointly scale instalment offerings bringing choice, control, and simplicity to consumers and businesses
Splitit Payments Ltd. (ASX:SPT), a global payment solutions provider, announces that it has signed a multi-year agreement with global payments technology company, Mastercard Incorporated (NYSE:MA) (“Mastercard”) to accelerate the adoption of Splitit’s instalment solution around the world.
Splitit will leverage Mastercard’s network of partners to extend and scale instalment functionality to consumers and merchants. It will integrate its instalment solution with Mastercard’s suite of technology as a network partner to enable 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”, said Brad Paterson, CEO of Splitit. “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. It’s a major plank in our strategy to grow through strategic partnerships to make Splitit a household name.”
Mastercard and Splitit will also jointly develop instalment and related products. Mastercard’s Payment Gateway Services (MPGS) and Application Programming Interface (API) technology will enable a systemic, scalable way to offer Splitit’s instalment solution. The partnership will also explore accelerated collaborations with Mastercard’s suite of instalment solution providers.
The partnership will plan to launch pilots across three markets with plans to roll out globally.
“This partnership with Splitit will help to drive higher transaction volumes for businesses and deliver budgeting solutions in the moment consumers are seeking them,” said Zahir Khoja, Executive Vice President of Global Merchant Solutions and Partnerships at Mastercard. “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.”
At this point in time, Splitit is not able to determine the economic materiality of the partnership with Mastercard due to the contingent nature of results that may be generated.
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About Splitit
Splitit is a payment method solution enabling customers to pay for purchases with an existing debit or credit card by splitting the cost into interest and fee free monthly payments, without additional registrations or applications. Splitit enables merchants to offer their customers an easy way to pay for purchases in monthly instalments with instant approval, decreasing cart abandonment rates and increasing revenue. Serving many of Internet Retailer’s top 500 merchants, Splitit’s global footprint extends to hundreds of merchants in countries around the world. Headquartered in New York, Splitit has an R&D centre in Israel and offices in London and Australia.
https://www.splitit.com/
About Mastercard
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
www.mastercard.com
Further reading and media coverage of today's announcement:
https://www.afr.com/technology/afterpay-rival-splitit-surges-50pc-on-mastercard-deal-20200618-p553xj
https://themarketherald.com.au/splitit-payments-asxspt-shares-boom-on-mastercard-partnership-2020-06-18/
https://www.ig.com/au/news-and-trade-ideas/what-are-the-implications-of-splitits-mastercard-partnership--200618
https://smallcaps.com.au/splitit-partners-mastercard-upscale-instalment-payment-solutions/