Mastercard unveils Buy Now, Pay Later program

Mastercard has revealed it will launch a Buy Now, Pay Later (BNPL) program called Mastercard Installments.

The program, which is initially being launched in Australia, the US, and UK, provides merchants the ability to offer consumers access to flexible payment options without onerous integration into the merchant infrastructure.

Richard Wormald, Division President, Australasia, Mastercard said: “Australians have always valued greater choice, security and convenience in the way they pay, so it’s no surprise that the country has been at the forefront of BNPL innovation. Mastercard Installments builds on these strong foundations, enabling local banks, lenders, fintechs and merchants to customise their own buy now, pay later model – providing new ways to pay that work online and in-store, backed by the security and peace of mind that comes with a Mastercard transaction.”

Mastercard Installments allows consumers to digitally access BNPL offers, either pre-approved through their lender’s mobile banking app or through instant approval during checkout, online or in-store, with seamless integration through Mastercard’s trusted network.

Craig Vosburg, Chief Product Officer at Mastercard said: “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.

“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.”

Qantas Loyalty and financial securities company Latitude have been announced as the initial Australian partners.

Ahmed Fahour, Managing Director and Chief Executive Officer, Latitude Financial said: “Through our long-standing partnership, Latitude is looking forward to working with Mastercard to bring new BNPL payment solutions to life in Australia, benefiting merchants and providing customers with a superior shopping experience.”

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