Citibank Equal Payment Plan, page-14

Splitit facilitates the payment of installments via the customer's existing credit card. Splitit does not take on the risk. They use a third party to provide funds if the merchant wants up front payment. If the merchant is OK with installments. they will come off the customers credit card automatically, not from Splitit. Splitit is like a middle man. Reading this, some posters may start again about how splitit doesn't have a product, but in fact it does. It delivers the installment capability to the customer and the merchant, using customer's existing credit card. Sort of like using Uber Eats?? Am trying to think of a clear analogy... Everyone could also read the legals at https://www.splitit.com/legals/pci/ and https://www.splitit.com/legals/splitit-shopper-terms-conditions/english/ in particular.
These will probably be similar in Australia. A lot of downrampers bring up the risk - it's the card issuer who takes on the risk the moment they authorise a credit card for someone. And credit card delinquency is less than 5% I think. Not good, but not a lot either.The vast majority of people using these products have every intention of making the payments rather than somehow trying to defraud the merchant.