Ingenico and Splitit announced a global strategic partnership to bring one-touch, no-interest, buy now, pay later capability to the physical checkout experience using PPaaS, Ingenico's innovative, cloud-based Payments-Platform-as-a-Service, and Splitit's Installments-as-a-Service solution. According to Juniper Research's white paper 'Buy Now Pay Later: Reshaping the Payments Market', ‘Buy now, pay later (BNPL) users will surpass 900 million globally by 2027 – an increase from 360 million in 2022. At the same time, 75% of commerce is anticipated to remain in-store, highlighting a significant opportunity for retailers to offer customers a flexible installment option at the point of sale (POS).'

Traditional BNPL services have struggled to make headway at the point of sale. The substantial friction created by requiring shoppers to follow a multi-step process to register, apply for funding or log into a third-party service or app creates an out-of-brand experience leading to consumer frustration and abandoned sales. The partnership between Ingenico and Splitit eliminates these barriers to deliver a global, one-touch, no-interest BNPL service embedded into the merchant's existing POS terminal.

The result is an engaging omnichannel customer experience that helps merchants grow their business while driving loyalty and repeat purchases. Ingenico's PPaaS solution enables its clients, such as banks and merchant acquirers, to select from a catalog of payments and value-added services without requiring lengthy and expensive software development. It also avoids the complexity associated with deployment across a variety of terminal brands.

Splitit's Installments-as-a-Service platform is a new way to drive BNPL through a white-label, merchant-branded experience embedded within a brand's existing checkout flow. Unlike legacy BNPL services that originate new loans, Splitit unlocks existing consumer credit on credit cards for 0% interest 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 fees or credit checks, making it the most seamless and frictionless BNPL checkout experience for consumers online and in-store. The global partnership has strong initial interest coming from clients of both companies, particularly in the United States and Western Europe.