Splitit said its work with Visa lets it give customers flexible payment options “and the transparency, control and budget management capabilities they demand.”
The New York-based company is one of several BNPL firms to have signed up for the Visa program, which also includes Cybersource, Equinox, Everyware, FIS, Global Payments, i2c, Juspay Technologies, Marqeta, ONTAB, Peach Finance, Provenir, Quest Payment Systems, Skeps, Sutton Bank and Visa DPS.
PYMNTS reported Tuesday (May 10) that the loan servicing provider Canopy had also joined the Visa program.
PYMNTS spoke earlier this week with Arvind Ronta, global head of BNPL/installment at Visa, about the program and the rise of BNPL.
Our research late last year found that 50 million consumers had used BNPL at least once in the previous 12 months. More recent industry estimates show BNPL could be worth as much as $3 trillion by 2030, compared to $125 billion today.
To tap into that growth, Ronta said, Visa’s programs will enable unused credit lines at traditional financial institutions (FIs) to be turned into BNPL offerings, while also helping to broaden the provider landscape itself.
This can turn FinTechs into a BNPL providers, he said, with the ability to underwrite the loans and issue virtual cards that can be used anywhere that accepts Visa.
“We are supporting all sides of the ecosystem — and enabling them to offer installments — in a seamless way during the purchasing experience,” Ronta said of the partner program.