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Buy now, pay later providers continue to make inroads in payments, with Splitit Payments Ltd. integrating a service to make it easier for banks to offer their customers installment plans at checkout. Meanwhile, Affirm Holdings Inc. expanded how it works with processor Worldpay LLC by integrating its BNPL service into the embedded payments service for software platforms.
Atlanta-based Splitit, which offers BNPL payments that are paid from a consumer’s existing credit card line and not a new credit line, is working with DXC Technology Co. to open repayment to bank accounts. It’s able to do that by tapping DXC’s core-banking platform, which counts more than 300 million accounts across more than 40 banks. Splitit says this enables banks to compete directly with other BNPL providers.
This integration means consumers need not have a credit card to fund Splitit transactions. Debit cards and bank accounts, tied to banks using the DXC platform, are eligible now.
“By normalizing installment capabilities across existing accounts, we’re enabling issuers to modernize their offerings without replacing their core—and empowering consumers with flexible payments that use the cards they already trust,” Sandeep Bhanote, DXC global head and general manager of financial services, says in a statement.
Splitit, which was founded in 2012 under the name PayitSimple and came to the United States in 2014, says banks can brand their installment offers, which can appear at the checkout or within the bank’s online banking portal. Banks have funding options, too, either choosing to originate the installments directly or letting Splitit do so. Splitit says the new offer also can generate revenue for banks and can broaden merchant acceptance of the payment method.
In related news, San Francisco-based Affirm has expanded its relationship with Worldpay to make it easier for Worldpay software platform clients to offer Affirm’s installment-payment service. Worldpay for Platforms provides embedded payments for more than 1,000 companies and has processed more than $400 billion in payment volume on 4.6 billion transactions in the past 12 months.
“By making it easy to offer Affirm at checkout, we’re helping our software partners become the everything platform to their users while enhancing the customer experience,” Matt Downs, president of Worldpay for Platforms, says in a statement.
Affirm and Worldpay announced their partnership in 2023. The companies made the Affirm Adaptive Checkout available to eligible Worldpay merchants. That service makes real-time underwriting decisions to offer consumers a variety of possible Affirm payment plans.
