The momentum for the Splitit Payments Ltd [ASX:SPT] share price continued today, with SPT shares tacking on more than 26% at time of writing — for a more than 150% gain in a 12-month window.
Splitit Payments is a Tel Aviv-based buy now, pay later provider, but unlike most BNPL providers, it operates a different model of credit for the consumer.
Splitit is a payment method solution enabling customers to pay for purchases with an existing debit or credit card by splitting the cost into interest-free and fee-free monthly payments, without additional registrations or applications.
What’s been happening…
The company announced recently it will partner with Mastercard over a five-year agreement to help accelerate the adoption of Splitit’s instalment solution around the world.
‘We are very excited to be partnering with Mastercard who share our strong commitment to accelerating the adoption of instalment payments globally,’ said Brad Paterson, on the back of the announcement.
Prior to this news, back in April 2020, Splitit was also able to raise $16 million, which will be put towards the company’s growth plans.
You can see the SPT share price weekly chart below:
Where to from here for SPT share price…
The chart reflects the positive news for the buy now, pay later provider. The new agreement in place with Mastercard was coupled with some strong results announced in April, with merchant sales volume up 165% on the previous corresponding period (pcp).
With a lot of people working from home or unable to go to shops, online sales and payments are on the up.
Looking at the chart, right now things are looking firmly bullish.
Should the SPT share price continue to the upside, the level of $1.88 and the previous all-time high of $2.00 may come into play.
On the downside, if price fall away levels of $1.50 and $1.38 may come into play.
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For Money Morning