Splitit Taps Ex- PayPal Exec for Lead Role

● Brad Paterson was named managing director of North America, where he will lead operations.

Installment payments firm Splitit Payments Ltd. has named Brad Peterson managing director of North America where he will lead operations. Peterson is formerly of Intuit, where he served as vice president of marketing. He was also head of merchant services at PayPal and held various roles at Visa.

This is a new executive position at the company. Splitit also said it inked a deal in Asia with EFTPay so merchants in Hong Kong and Macau can offer installment options for customers.

Peterson described Splitit’s solution as unique in the market. He said it was an “innovative solution that not only acts as a risk- and debt-free payment option but compliments other available offerings.” Gil Don, chief executive officer and cofounder of Splitit, praised Peterson’s experience and said the appointment will help the company as it expands in North America. Peterson will be based at the company’s headquarters in New York.

Separately, the Splitit and EFTPay deal will enable “merchants to offer interest- and fee-free monthly payments to customers, meeting growing consumer demand,” the company said. EFTPay offers digital wallet services.

“EFTPay is one of the key partners of Alipay in Hong Kong, providing digital wallet services to merchants including Marriott, Ugg, Kate Spade, Sunglass Hut, Estée Lauder and many more,” the company said in a statement. “These merchants will now be able to offer their online customers access to Splitit’s payment method solution to pay for purchases with an existing debit or credit card by splitting the cost into interest- and fee- free monthly payments, without additional registrations or applications.”

Terms of the deal were not disclosed, but Splitit executives said the partnership aligns with the company’s goals to expand in the Asia-Pacific region.