Splitit and Ingenico Team on One-Click In-Store BNPL

Splitit, Ingenico, partnerships, bnpl, shopping

Ingenico and Splitit are partnering to develop a new in-store BNPL solution.

The Paris-based payment technology company announced the partnership with the U.S. buy now, pay later (BNPL) firm in a press release on Monday (Feb. 1), saying that it will “bring one-touch, no-interest, buy now, pay later capability to the physical checkout experience.”

The two companies envisage the new solution as a more frictionless way to access BNPL at the point of sale without having to go through online applications.

Rather than issuing new debt, Splitit’s platform unlocks available credit on consumers’ credit cards, repackaging it into an interest-free installment-based BNPL loan. As such, there is no need for additional applications and credit checks, creating a more seamless customer experience, the release said.

It added that the partners have already received “strong initial interest coming from clients of both companies, particularly in the United States and Western Europe.”

“We are delighted to partner with one of the largest and most admired payment technology companies in the world,” Nandan Sheth, Splitit CEO, said. “Together with Ingenico, we can deliver a one-of-a-kind solution to tap into the massively underserviced in-store BNPL opportunity, which is three times greater than eCommerce alone.”

He added that the partnership will “transform BNPL at the point of sale,” by opening new opportunities outside traditional retail in sectors such as healthcare, home furnishings, home improvement and repairs, automotive and business services.

Joining Sheth, Michael Balzer, head of sales and strategic partnerships at PPaaS at Ingenico said Splitit is a “natural [partner]” for Ingenico’s cloud-based Payments-Platform-as-a-Service (PPasS) solution.

“PPaaS is all about facilitating how people pay and what services they can access at the point of sale,” he said, adding that “Splitit is reinventing installment payments at the point of sale in a way that makes it easy for merchants to propose this option to its customers, and PPaaS can help them do this.”

As noted in the PYMNTS report “BNPL and the In-Store Oppurtunity: Why Merchants Must Offer Payments Flexibility at the POS,” consumers are willing to use BNPL in-store about as much as they do online, yet usage is currently much higher online.

“Consumers seem prepared to use installment methods in-store more often than they have been, with the main issue being the relative lack of availability,” the report noted.

While physical retailers lag behind their eCommerce peers in offering BNPL, as PYMNTS reported last month, shoppers increasingly expect BNPL checkout options both online and in-store.

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