Last Updated on: 22nd November 2023, 12:40 am
Tymit, a leading provider in the instalment credit industry, has announced a strategic partnership with Visa, a renowned payment solutions provider. This collaboration aims to expedite the adoption of instalment credit among major financial institutions and merchants in the UK and Europe by allowing them to offer co-branded and white-labelled instalment credit programs powered by Tymit.
Martin Magnone, CEO and Co-founder of Tymit, declared: “Our partnership with Visa symbolises a major milestone for Tymit as we empower financial institutions and merchants to quickly and cost-effectively bring instalment credit solutions to market.”
Tymit’s instalment credit solutions provide an attractive alternative to traditional credit card and BNPL programs, specifically tailored to address the payment issues faced by merchants and consumers. Recent studies have shown that merchants are concerned about losing control of their customer base, paying excessive fees, lacking adequate affordability checks, and having no protection against fraud, demonstrating the market requirement for modern financial institutions and merchants.
By collaborating with Tymit, financial institutions and merchants gain access to cutting-edge technology and expertise, enabling them to create co-branded credit card programs with instalment options. This strategic move positions Tymit as a viable option for merchants seeking traditional credit card programs while granting the added advantage of buy now, pay later capabilities (BNPL).
Robert Kenley, Chief Commercial Officer at Tymit, explained: “Tymit is a complete solution for creating a valuable instalment experience program. We provide technology and expertise, allowing partners to co-create customised instalment programs and bring innovative new products to market. Our emphasis on transparency and control empowers end customers while aiding partners increase revenue, increase basket size, and reduce buy now, pay later (BNPL) fees.”
The partnership between Tymit and Visa is set to accelerate the growth of instalment credit programs, capitalising on Visa’s global network and payment expertise. Federico Sanavio, Credit Products Solutions & Partnerships at Visa, commented: “We are thrilled to partner with Tymit to provide our clients with modern solutions that address the pressing problems faced by the industry. This collaboration will empower financial institutions and merchants to fulfil the changing needs of their customers, offering increased flexibility on card payments whilst enabling an embedded finance ecosystem.”
