Splitit Payments Ltd. has introduced a new payment option called FI-PayLater, which allows financial institutions to offer installment payments directly at the point-of-sale. This service enables banks to compete with BNPL (Buy Now, Pay Later) providers by integrating with merchant networks, including Visa and MasterCard Installments. FI-PayLater is designed to influence consumer purchasing decisions during the checkout process, a crucial moment currently dominated by BNPL fintechs. The service provides a unified platform that simplifies integration for merchants and enhances the consumer checkout experience. Additionally, Splitit aims to address the limitations of post-purchase installment plans offered by some banks, which often require consumers to actively seek out these options after completing their purchases.
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