Why is the Splitit (ASX: SPT) share price wobbling on Wednesday?

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The Splitit SA The share price (ASX: SPT) wobbles on the ASX today, although no price sensitive news has been released from the company buy now, pay later (BNPL).

However, the company today released its presentation of the Goldman Sachs Emerging Technology Conference at ASX. He also briefed market watchers on when to expect his quarterly investor update.

At the time of writing, the Splitit share price is 39.5 cents, stable from its previous close.

However, earlier in the day, stock of provider BNPL hit 40 cents, a gain of 1.2% before falling to 39 cents, a 10.27% decrease.

Let’s take a look at today’s non-price sensitive news from Splitit.

Splitit looks to the future

While it likely didn’t change the Splitit share price today, the company released an optimistic presentation this morning.

In it, Splitit said traditional credit cards work for the rich, but 52% of consumers, with purchasing power of $ 3.1 trillion, would choose to pay off their credit debt over time. ‘they could.

Additionally, he claimed that 52% of Millennials and 44% of Gen Zs had ever used a credit card to the fullest, which made them leery of credit and turned them towards BNPL services.

This is where the company says it comes in. For those who don’t know how Splitit differs from other BNPL services, here’s a quick reminder.

Splitit works by using a customer’s existing credit to reserve a purchase. When a customer chooses to pay for a purchase using Splitit, Splitit keeps the purchase balance above the customer’s credit limit but only charges a portion of the purchase price.

The business earns money by charging fees to merchants.

As such, Splitit believes it is in a “best of both worlds” position between credit card providers and BNPL services.

The company also says the U.S. credit card market is expected to reach $ 990 billion by 2023.

To get its piece of the pie, Splitit is focusing on the US and UK markets, and industries with higher average order values.

To help it grow, it will study credit card usage patterns as well as brand and white label opportunities.

He also wants to increase his acceptance by merchants and improve onboarding experiences.

Finally, it won’t be long before the market understands how Splitit has performed in recent times.

All eyes will be on the Splitit share price on Friday when the company hosts its quarterly webinar.

Splitit share price overview

2021 has not been a good year for the Splitit share price.

It is currently 69% lower than it was at the start of the year. It has also fallen 72% since the same period last year.

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