Mastercard is expanding its US Installments experience at checkout to provide consumers with more choice in how they pay through Mastercard Installment Payment Services, according to the press release.
„Through a single and streamlined platform, players across the ecosystem – merchants, financial service providers, payments processors, digital wallets – will be able to present installment offers for consumers to any eligible credit card from participating issuers. As a result, consumers will be able to spread their purchases out over time with an installment plan that is pre-approved on any eligible credit card.” – the company explained.
How it works:
Participating issuers can extend their card-attached offers to a variety of consumer payment channels, including participating digital wallets, connected point-of-sale (POS) systems and other digital payment options.
Participating merchants will be able to provide access to millions of pre-approved offers by connecting to the API-based platform. The offers can be presented without the need for new applications, making it easier for consumers to pay using the cards they already have[1].
Through Mastercard’s personalization capabilities, issuers and merchants can offer eligible consumers the choice to receive tailored installment payments offers over time. This provides them with more flexibility and control over large purchases, from travel to shopping.
Why it matters:
As consumers make larger purchases – either online or in-store – demand is driving expectations for more flexible payment options that can benefit both consumers and merchants.
Today, 33 percent of consumers would choose card-linked installments for big-ticket purchases – more than any other installment option. [2] And 67 percent of installments users say they’d switch to a new merchant that offers card-linked installment offers.[3]
Mastercard is elevating the checkout experience to provide greater value than a simple purchase: consumers can receive installments payments as a benefit of their existing card, and merchants have a simple and consolidated way to provide these offers to their customers.
Mastercard Installments provides trust and transparency. To participate, issuers, merchants, and distribution channels follow network guidelines, responsible lending practices and data usage practices to ensure safe, secure and consistent experiences.
Consumers enjoy the same peace of mind that they receive from any other Mastercard product, including tokenization, dispute resolution, Zero Liability Protection, and more.
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[1] New terms and conditions apply
[2] Redefining Retail, PYMNTS May 2024
[3] Redefining Retail, PYMNTS May 2024
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:
