Mastercard Installments BNPL Program Gains Momentum
November 10 2021 - 7:30AM
Business Wire
New partners work with Mastercard to maximize
scale, inclusion and consumer protection across more payment
choices
Mastercard today announces further expansion of Mastercard
Installments, its unique 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.
“Our diverse set of new partners demonstrate the versatility,
flexibility and agility of our BNPL program,” said Craig Vosburg,
Chief Product Officer, Mastercard. “Mastercard Installments offers
a digitally focused way to pay today and tomorrow, delivered
through consumers’ most trusted relationships with their banks and
other lenders, at merchants of their choice. The program’s unique,
open loop model provides lenders, merchants and consumers alike the
ability to enjoy the benefits of BNPL purchasing, with the security
and consumer protections they’ve come to expect from
Mastercard.”
Delivering scale, inclusion and consumer protection
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. Learn more
on Mastercard Developers.
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.
Willie Pang, CEO of Limepay said, “Mastercard’s new
Installments program brings clever thinking and innovation to the
evolving payments and BNPL ecosystem. As a brand-first, white-label
payments solutions enabler that brings brands closer to their
customers, however they pay, Limepay is looking forward to
unlocking Mastercard’s scale and open loop network to enhance and
build on its core offering to merchants. We’re excited to bring new
innovations to our existing and growing portfolio of merchants by
combining Mastercard Installments’ capabilities with Limepay’s
white-label payments platform. We see our participation in
Mastercard's program as a smart way to accelerate adoption of our
platform, which is all about empowering brands to own their
customer experience, loyalty and customer data.”
Learn more about Mastercard Installments and its range of
benefits for consumers, merchants and acquiring banks, lenders, as
well as wallets and BNPL players.
About Mastercard (NYSE: MA), www.mastercard.com
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart, and accessible. Using secure data and
networks, partnerships and passion, our innovations and solutions
help individuals, financial institutions, governments and
businesses realize their greatest potential. Our decency quotient,
or DQ, drives our culture and everything we do inside and outside
of our company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all.
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Sangita Bricker Senior Vice President Global Communications,
Product & Engineering 914.249.1569
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