Mastercard partners with installment payment provider Splitit

Mastercard has partnered with Splitit Payments Ltd., a New York City-headquartered provider of installment payment solutions.

Under the terms of the partnership, Mastercard will accelerate its use of Splitit”™s installment products around the world. The companies will also jointly develop installment and related products, with Mastercard”™s Payment Gateway Services and Application Programming Interface technology being adapted to accommodate Splitit”™s installment technology, according to a statement.

“This partnership with Splitit will help to drive higher transaction volumes for businesses and deliver budgeting solutions in the moment consumers are seeking them,” Zahir Khoja, executive vice president of global merchant solutions and partnerships at Purchase-based Mastercard, said in a press release.

“We are very excited to be partnering with Mastercard who share our strong commitment to accelerating the adoption of installment payments globally,” said Brad Paterson, CEO of Splitit.