Buy now, pay later (BNPL) platform Jifiti has added what it calls a first of its kind Split Payment solution to its suite of offerings.
The Columbus, Ohio-based company announced the roll-out Thursday (Jan. 20), saying the new solution will join its existing offering of point-of-sale financing for banks and merchants.
“While there are many direct-to-consumer split payment solutions already available in the market, Jifiti’s solution is unique in that it is both white labeled and off-the-shelf,” the company said in a news release. “Jifiti clients can now offer Split Payments under their own brand without involving a direct-to-consumer fintech, thus retaining full ownership of their customer experience, data and brand equity.”
Jifiti says it is in the process of rolling out with numerous partners across several markets, and will go live with the financial services company Universo, which is implementing its Split Payment solution, UNI flex powered by Jifiti, across multiple retail brands.
“Banks, lenders and merchants gain the ability to provide the full suite of BNPL products, from installment loans and lines of credit through Split Payments by integrating once with a single platform,” Jifiti said. “With a diverse BNPL product set, partners can cater to a variety of consumers and capture a broader market share.”
Jifiti said Split Payment is ready to be implemented now, and can offer a split pay product to consumers online, in stores or through call centers.
Read more: Who’s Using BNPL and Why?
The launch comes at a time when a growing number of consumers are turning to BNPL as an alternative to racking up large credit card bills.
As PYMNTS research found, 39% of consumers say they used BNPL to avoid credit card interest. Another quarter of those surveyed used it to borrow without needing to agree to a credit check while another 16% opted for BNPL simply because they do not like credit cards.
BNPL transaction volume is expected to hit $680 billion worldwide over the next three years, fueled by the pandemic and an overall increase in interest.