London-based fintech firm Tymit has joined forces with credit and payments giant Visa in a strategic partnership aimed at expanding its buy-now-pay-later (BNPL) offerings. The collaboration seeks to promote the use of pay-by-instalment credit among major financial institutions and merchants in the UK and Europe. Through this alliance, customers will gain access to co-branded or white-labelled instalment credit programs, providing them with a wider range of options for BNPL purchases.

What sets Tymit apart from traditional credit card and BNPL programs is its focus on offering alternative instalment credit solutions. These solutions aim to tackle common pain points experienced by retailers and consumers, such as the loss of control over customer base, insufficient affordability checks, limited fraud protection, and excessive fees. Financial institutions and merchants can partner with Tymit to leverage their technologies and expertise in creating co-branded credit card programs that incorporate instalment options.

The partnership between Tymit and Visa holds significant importance for both companies. Visa is widely recognized as a leading player in the global credit payments industry, and Tymit’s collaboration with such a prominent partner showcases its own position in the market. Martin Magnone, CEO and co-founder of Tymit, expressed his enthusiasm about the partnership, stating that it is a milestone for Tymit as it clears the path for financial institutions and merchants to quickly and cost-effectively introduce instalment credit solutions to the market.

This alliance between Tymit and Visa underscores the growing popularity and significance of BNPL services in the retail industry. As consumers increasingly seek more flexible payment options, fintech firms like Tymit are stepping up to meet their needs while also addressing the challenges faced by merchants. With the backing of Visa, Tymit is in a strong position to drive the adoption of instalment credit solutions and cater to the evolving demands of the industry.

Useful links:
1. Tymit Website
2. Visa Website