The news: Ingenico and Splitit partnered to develop an in-store buy now, pay later (BNPL) product aimed at cutting friction at the till, according to a press release.
What problem is it solving? Because in-store BNPL can be time-consuming and complex, some consumers avoid the payment method or abandon it before completing transactions. It’s also largely unavailable, which means providers that introduce it can gain an edge.
Customers who use Splitit and Ingenico’s offering don’t need to register, apply, or use third-party apps. They automatically qualify if they have available credit on their card, eliminating barriers to in-store BNPL uptake.
The market picture: Just 10% of US adults have used in-store BNPL. But companies that can ease the checkout process for customers stand to benefit.
But Splitit is not alone in targeting the in-store BNPL market: Klarna and Afterpay also have offerings. That could make it harder for the firm to stand out as industry leaders also turn from ecommerce to brick-and-mortar shopping.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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