As consumers look to spread the cost of major purchases, the use of instalment payments shows little signs of slowing down, according to the press release. In Ireland, its continued growth in means that the total amount spent is expected to increase 10 times between 2020 to 2028, to be worth over EUR 5 billion.
To date, the option of paying via an instalment plan direct from a payment provider has largely been limited to online purchases or post transaction with the card issuer. However, with the MultiPay and Mastercard tie-up, retailers across the country can now offer the choice in-store.
MultiPay’s officials stated that consumers now expect the same features and services they have become familiar with on-line to be part of the in-store experience too. They want to allow Irish retailers to offer in-store instalment payments seamlessly. This has led to the launch of their MultiPay Instalment product, a new payment solution enabled by Mastercard that gives Irish consumers added control with how they pay, but without increasing costs or complexity for merchants.
When set up in-store, a consumer heads to a sales assistant who has an Android payment terminal to complete their transaction using their Mastercard credit card and once their eligibility is confirmed by their card issuer, subject to the issuer’s terms and conditions, they are offered their monthly instalment plan with a competitive APR.
To reduce complexity for retailers, MultiPay Instalments Payment Services supported by Mastercard has been developed to connect with a merchant’s existing bank account. This also allows retailers to continue to use their current payment infrastructure for existing payment methods, which combined with it requires no additional floor space, reducing the costs associated with deploying a new payment solution.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now