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September 4, 2020

Mastercard Expands Installment Offerings through Global Partnerships; Empowers More Consumers to Choose When to Pay with Pre-Sale, Point of Sale, and Post-Sale Payment Options

Mastercard Payments

Photo: Payment by Card.

Purchase, NY. September 2, 2020 — The global pandemic is driving consumers to seek flexible payment options while issuers and merchants alike want to provide cardholders with choice, control, and simplicity at checkout. To address this, Mastercard today announced a new partnership with TSYS, a Global Payments company. The partnership will enable consumers to use their Mastercard to split transactions into installments before, during, or after checkout. Through this partnership, TSYS is the first processor to deliver installment capabilities to issuers to provide seamless payment experiences to its cardholders, enhancing Mastercard’s buy-now-pay-later ecosystem. This new partnership complements Mastercard’s comprehensive merchant offerings through API (Application Programming Interface) based solutions, commercial partnerships, and acquisitions worldwide.

“Adding the installment lending function to a bank card is suitable for all parties in the transaction. The consumer has a discrete transaction, separate from their general purchasing. Merchants get to close the sale, and similar to credit card usage, have an opportunity to upsell the customer. The issuing bank benefits with increased spending” says Brian Riley, director of the credit practice at Mercator Advisory Group.

Consumers Want Installment Options for Credit Card Purchases

According to Mastercard research, nearly three-quarters of consumers interested in installments prefer adding the feature to an existing card. The new partnership with TSYS will enable consumers in North America to use their Mastercard to split transactions into installments before, during, and after a purchase.

“This new collaboration with Mastercard gives our issuing clients the ability to offer best-in-class installment payment experiences to their cardholders. It enables consumers to choose when they want to pay,” said Gaylon Jowers, President, TSYS Issuer Solutions, and Senior Executive Vice President of Global Payments, Inc. “Our installment solution addresses the growing consumer demand for payment optionality, further solidifying our position as a leading provider of technology solutions worldwide.”

Mastercard Buy-Now-Pay-Later Suite of Offerings Delivers Consumer Choice

According to Mastercard research, three out of four Americans who have tried installment plans for the first time during the pandemic plan to continue using them after it is over. It indicates that the desire for solutions that empower consumers is paramount. The comprehensive suite of Mastercard buy-now-pay-later offerings include:

“Today’s consumer is looking for increased choice in how they manage their finances and spend while still demanding a seamless, secure checkout experience whether in-store or online,” said Jess Turner, Executive Vice President, North America Product and Innovation for Mastercard. “Our work with TSYS, in conjunction with our wider point-of-sale financing ecosystem partners, helps improve the consumer checkout experience and enables issuers and merchants to benefit from increased consumer acquisition, loyalty, and approval rates while decreasing cart abandonment.”

Financing Options at Checkout In-Store and Online drive Merchant Installment Offerings

Mastercard advanced its merchant-centric flexible financing capabilities with the acquisition of Vyze last year. With a recently expanded roster of lending partners, including Fly Now Pay Later and Quadpay, the company can connect merchants with multiple lenders, allowing merchants to offer their customers a wide range of financing options at checkout in-store and online. In the United States, Freemotion, a commercial fitness manufacturer, recently launched Vyze with its new equipment line to provide financing for consumers interested in purchasing at-home gyms and workouts during the pandemic. And through a partnership with buy now, pay later partner Jifiti, Mastercard accepting merchants in North America and Europe can offer instant financing to customers through a digital private label prepaid card at checkout.

Choice, Control, and Simplicity Around the World

As installments take hold across the globe, Mastercard is delivering customized, in-market solutions that meet the unique needs of shoppers in every region. It includes a global partnership with Splitit in multiple markets worldwide. This partnership would offer a scalable way to enable merchants to provide card installments at checkout and online. Further, it would work in Europe where Mastercard and Divido have partnered to provide instant access to credit through a paperless and omnichannel experience.

The Asia Pacific

In the Asia Pacific, Pine Labs and Mastercard collaborate to offer capabilities to South Asia, India, and Middle East markets, enabling 150,000 merchants across 450,000 network points to deliver an extensive range of cards and real-time payments-based installment options.

Mastercard is creating a future where payments keep pace with the way we live, work, and do business, accelerated by the rapid transition to digital solutions and offerings. As more people enter the financial mainstream, money management tools and solutions must be fit for purpose - inclusive for all, digitally-driven, and built on a secure foundation.

Source: Mastercard

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Edited & Posted by the Editor | 8:45 AM | Link to this Post

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