Mastercard launches BNPL programme

Mastercard is launching a Buy Now, Pay Later (BNPL) programme for banks, lenders, FinTechs, and wallets across the UK, US, and Australia.

Mastercard Instalments will enable financial services providers to offer BNPL at online and in-store merchants.

The programme allows consumers to digitally access BNPL offers, either pre-approved through their lender’s mobile banking app or through instant approval during checkout.

It also gives financial institutions access to a new suite of APIs as part of the BNPL journey; from instalment calculation to multiple repayment options, delivered at a global scale through the Mastercard multi-rail network.

Pre-approved instalments can be used directly on a merchant’s website and can be stored in digital wallets including Click-to-Pay, to then be used online or in-store wherever Mastercard is accepted.

Instant approvals during checkout will be available through Click-to-Pay shortly after launch.

Instalment options include a zero per cent interest, pay-in-four model.

Mastercard said it will work with Barclays US, Fifth Third, FIS, Galileo, Huntington, Marqeta, SoFi, and Synchrony in the U.S., and with Qantas Loyalty and Latitude in Australia on the BNPL program.

“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,” said Craig Vosburg, chief product officer, Mastercard. “Mastercard Instalments 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.”

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