SYDNEY: Splitit Payments Ltd., a global payment solutions provider, has signed a multi-year agreement with global payments technology company, Mastercard Incorporated to accelerate the adoption of Splitit’s installment solution around the world.

Splitit mentioned the agreement is for an initial five (5) year term. Either party can terminate the agreement at the end of the initial term by giving no less than six (6) months notice of non-renewal. Unless notice of non-renewal is given, the term will be automatically renewed for additional successive one (1) year terms unless and until either party provides notice of non-renewal at least ninety (90) days prior to the end of the then-current term or the agreement is earlier terminated as provided under the Agreement.

Other than for non-renewal of the term, the agreement only provides for either party to terminate for cause or insolvency.

Splitit is a payment method solution enabling customers to pay for purchases with an existing debit or credit card by splitting the cost into interest and fee free monthly payments, without additional registrations or applications.

Splitit enables merchants to offer their customers an easy way to pay for purchases in monthly installments with instant approval, decreasing cart abandonment rates and increasing revenue. Serving many of Internet Retailer’s top 500 merchants, Splitit’s global footprint extends to hundreds of merchants in countries around the world. Headquartered in New York, Splitit has an R&D centre in Israel and offices in London and Australia.

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DO, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.