Splitit, a leading global installment payments platform, announced the upcoming launch of the Splitit World Mastercard, a new white-label offering built for mid-sized banks, credit unions, and other financial institutions. The card is designed as a credit product that combines simplicity and spending discipline with the flexibility of installment plans, all in a single offering under a financial institution's own brand.

Everyday purchases on the Splitit World Mastercard can be paid in full within 30 days. Cardholders will set their preferred spending threshold in the app, and purchases above that amount can be automatically split into predictable monthly payments. For example, a consumer can set their spending so that a morning coffee wouldn't qualify, but a new laptop could automatically be split into monthly installments. Cardholders stay in control throughout the process, with the flexibility to switch a purchase back to pay-in-full or adjust the installment plan in the app before their statement is due.

Splitit powers the installment technology and provides an AI-enabled mobile experience that banks can embed in their own app. Financial institutions bring their customer relationships, trusted brands, and distribution. This allows banks to expand their lending and payment offerings within their existing customer experience, providing greater choice and flexibility without outsourcing relationships. This is particularly important for smaller and mid-sized banks competing for a greater share of their customers' everyday spending.

"The Splitit World Mastercard is a new type of credit card built for banks and credit unions that resembles the simplicity of debit for consumers and pairs it with the flexibility of installments," said Nandan Sheth, CEO of Splitit. "Banks already have the relationship, the brand and the primary account. What many of them lack is a way to offer installment plans at the point of purchase without having to build a lending business from scratch. Our white-label card gives them that, under their own name."

The card combines Splitit's installment capabilities with Mastercard's trusted global payments infrastructure, acceptance network and deep relationships across the financial institution community. To participate, issuers, merchants, and distribution channels follow network guidelines, responsible lending practices, and data usage practices to ensure safe, secure, and consistent experiences. Consumers enjoy the same peace of mind that they receive from any other Mastercard product, including tokenization, dispute resolution, Zero Liability Protection, and more.