Afterpay rival and ‘buy now, pay later’ provider, Splitit, has seen its shares skyrocket 34% after announcing a deal with Mastercard to integrate its platform within e-commerce carts and in-store tills.

Splitit claims to be the only online global solution of its kind to use a consumer’s existing VISA and Mastercard credit card, forgoing potential extra interest charges.

The partnership will see Mastercard and Splitit jointly develop its installment-based offerings, with the manoeuvre facilitating greater distribution.

The company hopes the deal will propel Splitit to a ‘household name’, with shares notching 88 cents before midday.

The multi-year agreement will initially be trialled in three test markets before broader worldwide roll-out.

“This is a fantastic way to broaden the distribution of our solution, leveraging Mastercard’s incredible global reach, and build out a range of instalment services,” said Splitit Chief Executive, Brad Paterson.

Splitit’s service enables shoppers to use an existing credit card to enter instalment-based payments, and pledges increased online conversations for businesses.

Consumers are prevented from carrying additional debt, harnessing their existing credit card and forgoing extra interest and charges.

Shares in ASX-listed Afterpay slipped to a low of $8.90 in March amidst the coronavirus pandemic, before skyrocketing to levels above $50 in June.

Some commentators question whether Afterpay shares could hit $100 this year, alongside continued e-commerce booms.