Citcon and Splitit Partner to Enable Merchants to Offer Credit Card-Linked Installments

Citcon and Splitit have partnered to enable Citcon’s merchants to offer Splitit’s one-click credit card-linked installments both online and in-store.

The companies’ new partnership adds Splitit’s flexible payment offering to Citcon’s global payment platform that is used by retail, luxury and hospitality brands, according to a Tuesday (May 27) press release.

“Partnering with Splitit allows us to offer flexible omnichannel installments, bringing over [190 million] U.S. cardholders with available credit, driving new sales at high average-ticket merchants,” Citcon Co-founder and President Wei Jiang said in the release.

Because Splitit’s platform leverages the credit consumers already have, it allows them to break purchases into monthly installments without having to first deal with applications or credit checks, according to the release.

Citcon can deliver this offering to merchants through its payment platform that is fully integrated with more than 50 leading point of sale systems, gateways and middleware providers, and enables merchants using these platforms to easily activate new payment methods, per the release.

“This partnership creates a clear on-ramp into some of the world’s most respected merchant ecosystems, including leading names in hospitality and retail,” Splitit CEO Nandan Sheth said in the release. “Together, we’re unlocking new paths to conversion by helping merchants meet their customers with flexibility — right at the moment of intent.”

Credit card installment plans meet consumer needs for financial flexibility when navigating large, unplanned expenses, whether it’s an emergency car repair or a significant impulse purchase, according to the PYMNTS Intelligence and Splitit collaboration, “Managing Unplanned Expenses: How the Pay Later Economy Fits Consumer Needs.”

“If I’m a dominant credit provider, whether it’s Klarna or a JPMorgan Chase, there’s a value and a utility in consolidating the credit needs of a consumer off of my [own] platform,” Sheth told PYMNTS CEO Karen Webster in an interview posted in April. “You’ll see more of that happening, and consumers will find it easier to deal with their trusted credit providers.”

Retailers in North America need to fine-tune their payments strategies to offer travelers from the Asia-Pacific (APAC) region their preferred payment methods, Jiang told PYMNTS in an interview posted in 2023.

While there may be near ubiquity in accepting Visa and Mastercard, and digital wallets such as Apple Pay, other mobile wallets and QR codes hold sway in APAC countries, Jiang said.

“It’s becoming important for the retailers in the U.S. to think about how they can embrace those payments,” Jiang said.