According to Juniper Research’s white paper ’Buy Now Pay Later: Reshaping the Payments Market’ (August 2022)[1], "Buy now, pay later (BNPL) users will surpass 900 million globally by 2027 - an increase from 360 million in 2022. At the same time, 75 percent of commerce is anticipated to remain in-store, highlighting a significant opportunity for retailers to offer customers a flexible installment option at the point of sale (POS)."

Traditional BNPL services have struggled to make headway at the point of sale. The substantial friction created by requiring shoppers to follow a multi-step process to register, apply for funding or log into a third-party service or app creates an out-of-brand experience leading to consumer frustration and abandoned sales.

The partnership between Ingenico and Splitit eliminates these barriers to deliver a global, one-touch, no-interest BNPL service embedded into the merchant’s existing POS terminal. The result is an engaging omnichannel customer experience that helps merchants grow their business while driving loyalty and repeat purchases.

Ingenico’s PPaaS solution enables its clients, such as banks and merchant acquirers, to select from a catalog of payments and value-added services without requiring lengthy and expensive software development. It also avoids the complexity associated with deployment across a variety of terminal brands.

Splitit’s Installments-as-a-Service platform is a new way to drive BNPL through a white-label, merchant-branded experience embedded within a brand’s existing checkout flow. Unlike legacy BNPL services that originate new loans, Splitit unlocks existing consumer credit on credit cards for 0% interest[2] installments. Any consumer with available credit on their credit card is automatically pre-qualified to use Splitit for the value of that available credit. There’s no application, registration or redirects and no additional interest, hidden fees[3] or credit checks, making it the most seamless and frictionless BNPL checkout experience for consumers online and in-store.

The global partnership has strong initial interest coming from clients of both companies, particularly in the United States and Western Europe.

Nandan Sheth, Chief Executive Officer of Splitit, speaking of the partnership, said: "We are delighted to partner with one of the largest and most admired payment technology companies in the world. Together with Ingenico, we can deliver a one-of-a-kind solution to tap into the massively underserviced in-store BNPL opportunity, which is three times greater than e-commerce alone. This partnership will transform BNPL at the point of sale, opening incredible new opportunities outside traditional retail. All industries - healthcare, home furnishings, home improvement and repairs, automotive and business services, to name a few - will benefit."

Michael Balzer, Head of Sales and Strategic Partnerships at PPaaS for Ingenico, added: "Splitit and PPaaS are natural partners. PPaaS is all about facilitating how people pay and what services they can access at the point of sale. Splitit is reinventing installment payments at the point of sale in a way that makes it easy for merchants to propose this option to its customers, and PPaaS can help them do this in a simple and effective way. Coming on the back of other partnerships we have recently announced, including Splitit in our portfolio of partners is a testament to how important we believe in-store, easy-to-use BNPL will be in the future."