Splitit Payments Ltd. announced a multi-year agreement with Mastercard to offer the company's installment payment options across the payments company's card network. 

Splitit, based in Australia, will leverage Mastercard's global network to offer merchants the ability to allow customers to make installment payments on their purchases. 

"The overall goal is to expand the reach of Splitit to merchants that accept Mastercard worldwide, which will bring benefits to consumers and merchants alike," Brad Paterson, CEO of Splitit, told Mobile Payments Today via email. "Consumers get more choice, control and flexibility in how they pay." Using their existing credit, merchants can increase their cart conversion and create more brand loyalty.

The companies plan to jointly develop installment plans and other products. The firm plans to roll out pilot programs in the U.K., Canada and Australia before expanding the service globally.