Splitit is financing purchases for debit cardholders
-More payments will start to be debited directly from consumer bank accounts unless interchange fees drop dramatically.
-It might be decades before credit cards disappear, but different industries are already seeking ways to sidestep the fees that come with today’s credit card payments.
Splitit, a competitor to lending companies like Affirm and Klarna, is bringing its point-of-sale financing product to debit card users in the U.S. and Europe, targeting fashion and jewelry websites in particular, like Vestiaire Collective and Philip Stein.
Unlike its competitors, however, the company is focused on making the retail industry better for everyone involved — banks, processors, consumers and merchants — rather than displacing credit cards, said Gil Don, CEO of Splitit.
“We always look to stay on the same rails the merchant is using when it comes to credit and debit card processing,” Don said. “It will be more than 30 years before credit cards ago away. … We don’t take business from the banks, and we support the existing system.”
Read More
TANAYA MACHEEL
TEARSHEET
MAY 09, 2018
FROM THE WEB
5 Trends Reshaping Payments In 2018
Forbes
MAY 8, 2018 @ 09:29 AM
Visa and PayPal extend partnership to
accelerate adoption of digital and mobile
payments in Canada
PR Newswire
07:00 ET May 9, 2018
Square launches a service to run restaurant
operations, and suddenly its ‘Caviar’
acquisition makes sense
CNBC
Published 11:01 AM ET Tue, 8 May 2018
PayPal CEO Dan Schulman: In 20 Years
“There Will Be No More Credit Cards”
TheStreet
May 5, 2018 2:47 PM EDT
Visa Rises on International Success
The Motley Fool
May 4, 2018 at 1:48PM
What Europe’s Tough New Data Law Means
for You, and the Internet
The New York Times
MAY 6, 2018
FROM THE TUBE
Technology insights from Day 2
NRF Expo 2018 | Retail Assist Vlog
Retail Assist
Published on Jan 17, 2018
Technology insights from NRF Expo 2018 |
Retail Assist Vlog
Retail Assist
Published on Jan 16, 2018
NRF 2018: Fireside Chat with
PaymentSource’s Daniel Wolfe
Verifone
Published on Jan 25, 2018
NRF 2018: Verifone Fireside Chat with
Alipay’s Souheil Badran
Verifone
Published on Jan 25, 2018
First Impressions of Amazon’s Cashier-Less
Convenience Store
Bloomberg Technology
Published on Jan 22, 2018
Music Break | Can’t Judge a Book
featuring SZA
Mastercard
Published on Jan 22, 2018
