Tymit, a pioneering provider of instalment credit services, has announced a strategic partnership with Visa, a global leader in payment solutions. The collaboration will help to accelerate the adoption of instalment credit amongst large financial institutions and merchants in the UK and Europe, by enabling them to offer co-branded and white-labelled programs powered by Tymit.
Martin Magnone, CEO and Co-founder of Tymit, said: “Our partnership with Visa marks a major milestone for Tymit as we empower financial institutions and merchants to swiftly and cost-effectively bring instalment credit solutions to market. With our expertise in instalment credit, we are now able to provide innovative co-branded instalment credit cards and white-labelled instalment credit programs.”
Tymit’s instalment credit solutions offer a distinctive alternative to traditional credit card and BNPL programs, tailored to address the payment pain points of both merchants and consumers. Recent studies have shown that merchants worry about losing control over their customer base, paying excessive fees, lacking affordability checks, and being unprotected against fraud. With this partnership, financial institutions and merchants can access cutting-edge technology and expertise, allowing them to create co-branded credit card programs with instalment options.
Robert Kenley, Chief Commercial Officer at Tymit, added: “Tymit offers a one-stop-shop for creating a valuable instalment experience program. We provide technology and expertise, enabling partners to co-create bespoke instalment programs and bring new products to market. Our focus on transparency and control empowers end customers while helping partners grow revenue, increase basket size, and reduce BNPL fees.”
Federico Sanavio, Credit Products Solutions & Partnerships at Visa, said: “We are delighted to partner with Tymit to provide our clients with innovative solutions that address the challenges faced by the industry. This collaboration will enable financial institutions and merchants to meet the changing needs of their customers, offering greater flexibility on card payments whilst enabling an embedded finance ecosystem.”
Tymit is dedicated to driving innovation and facilitating growth in the instalment credit market. The partnership between Tymit and Visa is set to accelerate the growth of instalment credit programs.
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.