Mastercard Incorporated [NYSE: MA] disclosed that it has decided to launch Mastercard Installments which is a unique and advanced Buy Now, Pay Later (BNPL) program that offers better options at checkout, both in-store and online. Mastercard Installments establishes Mastercard’s investments in open banking that help offer a seamless and useful experience for consumers, merchants, and lenders.
Mastercard Installments will allow consumers to digitally access BNPL offers, either pre-approved through their lender’s mobile banking app or through immediate authorizations during checkout. It has been disclosed that pre-approved installments can be leveraged directly on a merchant’s website. On the other hand, immediate authorizations during checkout will be available through Click-to-Pay soon after unveiling.
The new Buy Now, Pay Later (BNPL) program leverage the power of the company’s trusted network to make BNPL available to millions of consumers and merchants all around the globe. It allows banks, lenders, fintech, and wallets to deliver a variety of flexible installment options to consumers without burdensome incorporation into the merchant infrastructure. It will enable them to instantly deliver safe and good BNPL experiences at scale.
Advantages of Mastercard Installments
The important benefit of Mastercard Installments is that this program will allow customers to pay for the items of the brand which they like whenever they like. Consumers will be able to enjoy a trouble-free experience before and after checkout through options to access BNPL offers, or safe an offer at the time of checkout, from reliable lenders for use at a wide range of merchants interest-free.
Another important benefit includes that it will offer smooth merchant integration with a simplified process for millions of merchants who already accept Mastercard. This program helps merchants scale BNPL offerings to consumers to transform comfort into a competitive advantage. Furthermore, using this program lenders can deliver a flexible, smooth BNPL experience to both current and new customers.
Last but not the least, Mastercard Installments program will allow Digital wallets and BNPL players to easily combine Mastercard Installments’ APIs and implement the solution to consumers and already incorporated merchants, expanding reach beyond their current footprint.