Platform Buy Now, Pay Later (BNPL) jifiti has added what it calls a first split payment solution to its suite of offerings.
The Columbus, Ohio-based company announced the rollout Thursday, Jan. 20, saying the new solution will join its existing point-of-sale financing offering for banks and merchants.
“While there are many direct-to-consumer split payment solutions already available on the market, Jifiti’s solution is unique in that it is both white label and ready to use,” said the company in a press release. Press release. “Jifiti customers can now offer split payments under their own brand without involving a direct-to-consumer fintech, thereby retaining full ownership of their customer experience, data and brand image.”
Jifiti says it is rolling out with many partners in multiple markets and will go live with financial services company Universo, which is implementing its split payment solution, UNI flex powered by Jifiti, across multiple retail brands.
“Banks, lenders and merchants have the flexibility to provide the full range of BNPL products, from installment loans and lines of credit to split payments by integrating once into a single platform,” Jifiti said. . “With a diverse BNPL product set, partners can cater to a variety of consumers and capture a wider market share.”
Jifiti said split payment is ready for implementation now and can offer a split payment product to consumers online, in stores or through call centers.
Read more: Who uses BNPL and why?
The launch comes at a time when a growing number of consumers are turning to BNPL as an alternative to racking up big credit card bills.
As the PYMNTS study revealed, 39% of consumers say they have used BNPL to avoid credit card interest. Another quarter of respondents used it to borrow without having to consent to a credit check, while 16% opted for BNPL simply because they don’t like credit cards.
BNPL transaction volume is expected to reach $680 billion globally over the next three years, fueled by the pandemic and an overall increase in interest.