Mastercard announced that it is set to introduce a new Buy Now, Pay Later (BNPL) offering, Mastercard Installments for its customers in the United States, Australia and the UK.
The programme gives consumers a flexible, ubiquitous way to pay online and in-store through equal, interest-free installments – an additional choice to debit, credit or prepaid cards.
Mastercard Installments enables banks, lenders, fintechs and wallets the ability to offer BNPL experiences at merchants with flexibility across the entire acceptance network.
Additionally, the seamless integration into Mastercard’s trusted network enables merchants to quickly offer secure BNPL solutions.
Mastercard Installments also offers comprehensive consumer protections with respect to responsible data use and fee transparency.
The payments giant will work with Barclays US, Fifth Third, FIS, Galileo, Huntington, Marqeta, SoFi, and Synchrony in the US, and with Qantas Loyalty and Latitude in Australia on the BNPL programme.
“At the heart of it, payments come down to choice – and people want more from their money with greater flexibility and control in how they pay and where they shop. Mastercard Installments has been built on our guiding principles to protect consumers and enable choice without sacrificing trust and security.
It is a digital-focused way to pay today and tomorrow, delivered through consumer’s most trusted relationships with their banks and other lenders, at merchants of their choice.”
said Craig Vosburg, Chief Product Officer at Mastercard.
Featured image: Shutterstock
