Citibank Equal Payment Plan, page-24

I suggest you re-read what I wrote. It's pretty simple. The chairman of Splitit said that approximately 60% of their customers accept the lower % fee and deferred payment. Fact.

If I use splitit tomorrow on with my Commonwealth bank credit card...... Commonwealth bank are taking 100% of the risk, because if I don't pay splitit, then Splitit will withdraw the money from my Commonwealth bank credit card to pay the Merchant - it does not matter if it's the up front pay model, or the deferred pay model in the case of no payment.

This is what sets splitit apart from Afterpay or similar lenders.... effectively there is no risk for themm , no need for debt collectors,..... it is de-risked by passing on the defaulters to the bank

Splitit is not " lending" anything. They facilitate 3rd party lending with merchants for up front payments, and for deferred payments there is no lending. The security they use is to charge the credit card in case of default.

The Bank who gave you the credit card... effectively is copping the risk.