Mastercard announced further expansion of Mastercard Installments, its Buy Now Pay Later (BNPL) program that delivers greater choice of flexible, digital-first payment options at checkout, both in-store and online.
In the U.S., American Airlines, CSI, Fiserv and TSYS, a global payments company, will work with Mastercard and the already diverse and dynamic array of participants in the program. In Australia, BNPL players hummgroup and Limepay are embracing the benefits of adopting Mastercard’s innovative open-loop model.
Mastercard Installments makes 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 merchant integration. This allows participating partners to quickly offer secure and competitive BNPL experiences at scale through Mastercard’s trusted global acceptance network.
Consumers access BNPL offers, either through their lender’s mobile banking app or through instant approval during checkout. Pre-approved installments can be used directly on a merchant’s website or can be stored in digital wallets like Click-to-Pay to be used wherever Mastercard is accepted.
Mastercard Installments will also provide access to and support from a new suite of APIs at each step of the BNPL journey, from installment calculation to multiple repayment options.
Rebecca James, CEO of hummgroup, said, “Mastercard is a key strategic partner for hummgroup as we roll out our BNPL products across our markets. We launched the first open loop BNPL in the world with bundll, using Mastercard’s rails, so truly believe in the benefits of this model for consumers and will work very closely with Mastercard to continue making BNPL even simpler for merchants to use. Partnerships are core to hummgroup’s growth strategy, and we’re delighted to continue working with Mastercard on their new open loop BNPL initiative to help us further scale our products.”
hummgroup has been offering BNPL to its customers for more than a decade, operating in the U.K., Australia and New Zealand.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
