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.”
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TANAYA MACHEEL
TEARSHEET
MAY 09, 2018
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