Splitit to power AliExpress' fractional payment offering in Europe

White label fragmented payment solution Splitit has announced a partnership with Alipay to offer a 'pay after delivery' option to shoppers on AliExpress, the e-commerce marketplace of the Alibaba Group.

FACTS

•  The agreement leverages Splitit's Installment-as-a-Service platform to create a personalized experience integrated with the AliExpress payment flow.

• Splitit's flexible technology platform, combined with Checkout.com's payment acquiring capabilities, allows AliExpress shoppers to pay after delivery with their existing credit card.

• The service will initially launch in Germany, France and Spain, with plans to expand into other international markets.

• The company is a certified partner of VISA and MasterCard, as well as Stripe, Magento and Shopify.

CHALLENGES

• A credit card-based BNPL offer: In a B2B2C approach, Splitit allows customers to pay in instalments using their existing credit on their payment card. Instead of issuing new consumer loans, Splitit releases existing consumer credit on payment cards for 0% interest. Any consumer with available credit on their credit card is automatically pre-qualified to use Splitit for the value of that available credit.

• Provide customers with a merchant brand experience: Splitit's white label platform offers one-click payments integrated into the merchant's existing payment flow. The merchant brand experience, provided jointly by Splitit and Worldline, reduces the clutter and confusion of multiple payment logos at checkout, ensuring brand consistency while promoting loyalty and repeat purchases.

MARKET PERSPECTIVE

• Last November, Splitit announced a partnership with Checkout.com. Under the terms of the partnership, Splitit, leverages Checkout.com's payment acquisition capabilities to offer its new Payments-as-a-Service service. This service will also be offered to merchants using the UK marketplace.

• Splitit has also announced a partnership with leading international payment processor Worldline, which will distribute the white-label instalment solution within its US payment processing platform.