Splitit’s new white-label World Mastercard is a charge card at heart. Everyday purchases are paid in full within 30 days, and bigger ones can turn into monthly installments.

Mid-sized banks and credit unions get a buy now, pay later product under their own brand, and can choose whether they or Splitit supply the capital and carry the credit risk.

Finn, Splitit’s AI agent, helps cardholders decide how to settle each purchase based on what they bought and what’s best for their cash flow, including telling them when not to finance.

Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

In 1949, a businessman named Frank McNamara finished dinner at a New York restaurant and realized he’d left his wallet at home. The story may be part legend, but the product it inspired was real. Diners Club gave members a card to use all month and one bill to pay in full when it arrived. The charge card was born, and “pay in 30” was the whole idea.

Revolving credit came next and let people carry a balance. Decades after that, buy now, pay later FinTechs peeled off the installment idea and planted it at the merchant checkout, where the bank that issued the customer’s card had no say in the matter.

Splitit’s new card puts the pieces back together and hands the result to the banks.

The Splitit World Mastercard, announced Tuesday (Oct. 13), is a white-label credit product built for mid-sized banks, credit unions and other financial institutions.

Source link