Instalments-as-a-Service company Splitit Payments (ASX:SPT) reports it has signed an agreement with Google and affiliates to extend its partnership with Google to enable its services to be added to the Google Store in additional markets beyond Japan.
The company which allows consumers to pay by instalments using their existing credit card says it signed the initial agreement to provide Google with its payment solutions in Japan in January 2021, and launching in April 2021.
It notes this expansion has been a priority for the company this year, and the conclusion of the expanded contract is a ‘significant’ milestone.
Splitit reports the economic materiality of the Expanded Google Agreement is unknown due to the variable nature of revenues which are dependent on customer uptake of specific products. However, the company expects that extending its partnership with Google may have a material impact on Splitit’s brand and business development prospects.
The company states the Expanded Google Agreement will remain in full force for an initial term of 1 year and will be renewed automatically for successive periods of 1 year unless a party gives written notice of non-renewal, or unless the Expanded Google Agreement is terminated earlier.
Splitit is a global payment solution provider that allows shoppers to use the credit cards they’ve earned by breaking up purchases into monthly interest-free instalments using their existing credit card.
The solution allows merchants to improve conversion rates and increase average order value by giving customers an ‘easy’ and ‘fast’ way to pay for purchases over time without originating new credit.
The company states Splitit serves many of the Internet Retailer’s top 500 merchants and is accepted by more than 1,500 eCommerce merchants in over 30 countries, and shoppers in over 100 countries.
Splitit is headquartered in Atlanta, USA and it has a research and development centre in Israel, as well as offices in London and Australia.