BNPL: Mastercard Reinvents Installments to Provide Clients More Payment Options when They Make Purchases

Mastercard (NYSE: MA) says it’s “reinventing” installments in order to give clients more payment options wherever they make purchases.

According to an announcement from the payments giant, Mastercard Installments BNPL program will be introduced in the US, Australia, and the UK markets. The payments company will allow consumers to access the popular form of payment across its international acceptance network.

The new Buy Now, Pay Later (BNPL) program 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,” according to an update from Mastercard.

The company further noted that Mastercard Installments “enables banks, lenders, fintechs and wallets the ability to offer BNPL experiences at merchants with flexibility across the entire acceptance network.”

The company added that “seamless integration into Mastercard’s trusted network enables merchants to quickly offer secure BNPL solutions backed by the security and peace of mind that comes with Mastercard.”

Mastercard Installments provides comprehensive consumer protections “with respect to responsible data use and fee transparency.” The announcement also noted that Mastercard will be  working with Barclays US, Fifth Third, FIS, Galileo, Huntington, Marqeta, SoFi, and Synchrony in the United States, and with Qantas Loyalty and Latitude in Australia on the BNPL program.

As stated in the update:

“To meet growing consumer demand for flexible, digital-first payment options, Mastercard today unveiled Mastercard Installments, a unique and innovative Buy Now, Pay Later (BNPL) program that delivers greater choice at checkout, both in-store and online.”

The company added that Mastercard Installments uses the power of the firm’s trusted network to “make BNPL available to millions of consumers and merchants worldwide.” It enables banks, lenders, fintechs, and wallets to “offer a variety of flexible installment options to consumers – including a zero percent interest, pay-in-four model – without onerous integration into the merchant infrastructure, allowing them to quickly offer secure and competitive BNPL experiences at scale.”

“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,” stated Craig Vosburg, Chief Product Officer, Mastercard.

Vosburg added:

“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.”

Mastercard Installments builds on Mastercard’s investments in Open Banking that help deliver a “simple and convenient experience for consumers, merchants and lenders.”

For more details on the announcement, check here.



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