Blockchain
Ingenico and Splitit partner to bring white-label, buy now, pay later (BNPL) to physical checkout with just one touch
Ingenico, a global leader in payments acceptance solutions and Splitit, the only white-label, card-based installment platform using existing consumer credit, today announced a global strategic partnership to bring one-touch, no-interest, buy now, pay later capability to the physical checkout experience using PPaaS, Ingenico’s innovative, cloud-based Payments-Platform-as-a-Service, and Splitit’s Installments-as-a-Service solution.
According to Juniper Research’s white paper ‘Buy Now Pay Later: Reshaping the Payments Market’ (August 2022)[1], “Buy now, pay later (BNPL) users will surpass 900 million globally by 2027 – an increase from 360 million in 2022. At the same time, 75 percent of commerce is anticipated to remain in-store, highlighting a significant opportunity for retailers to offer customers a flexible installment option at the point of sale (POS).”
Traditional BNPL services have struggled to make headway at the point of sale. The substantial friction created by requiring shoppers to follow a multi-step process to register, apply for funding or log into a third-party service or app creates an out-of-brand experience leading to consumer frustration and abandoned sales.
The partnership between Ingenico and Splitit eliminates these barriers to deliver a global, one-touch, no-interest BNPL service embedded into the merchant’s existing POS terminal. The result is an engaging omnichannel customer experience that helps merchants grow their business while driving loyalty and repeat purchases.
Ingenico’s PPaaS solution enables its clients, such as banks and merchant acquirers, to select from a catalog of payments and value-added services without requiring lengthy and expensive software development. It also avoids the complexity associated with deployment across a variety of terminal brands.
Splitit’s Installments-as-a-Service platform is a new way to drive BNPL through a white-label, merchant-branded experience embedded within a brand’s existing checkout flow. Unlike legacy BNPL services that originate new loans, Splitit unlocks existing consumer credit on credit cards for 0% interest[2] installments. Any consumer with available credit on their credit card is automatically pre-qualified to use Splitit for the value of that available credit. There’s no application, registration or redirects and no additional interest, hidden fees[3] or credit checks, making it the most seamless and frictionless BNPL checkout experience for consumers online and in-store.
The global partnership has strong initial interest coming from clients of both companies, particularly in the United States and Western Europe.
Nandan Sheth, Chief Executive Officer of Splitit, speaking of the partnership, said: “We are delighted to partner with one of the largest and most admired payment technology companies in the world. Together with Ingenico, we can deliver a one-of-a-kind solution to tap into the massively underserviced in-store BNPL opportunity, which is three times greater than e-commerce alone. This partnership will transform BNPL at the point of sale, opening incredible new opportunities outside traditional retail. All industries – healthcare, home furnishings, home improvement and repairs, automotive and business services, to name a few – will benefit.”
Michael Balzer, Head of Sales and Strategic Partnerships at PPaaS for Ingenico, added: “Splitit and PPaaS are natural partners. PPaaS is all about facilitating how people pay and what services they can access at the point of sale. Splitit is reinventing installment payments at the point of sale in a way that makes it easy for merchants to propose this option to its customers, and PPaaS can help them do this in a simple and effective way. Coming on the back of other partnerships we have recently announced, including Splitit in our portfolio of partners is a testament to how important we believe in-store, easy-to-use BNPL will be in the future.”
As the global leader in payments acceptance solutions in-store, Ingenico is a trusted technology partner for 1,000+ banks, acquirers, ISVs, payment aggregators and fintechs and has some 40 million POS terminals in service around the world, serving retailers ranging from small merchants to some of the best-known global brands.
Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
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Blockchain
CoreNest Capital Announces Strategic Investments in SpaceX, CTGT, Open Clinic, Asha Health, CollectWise, Curo, Hybrd, and Study Dojo
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Blockchain
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