Mastercard has announced that its Mastercard Installments BNPL programme will come to market in the US, Australia and the UK.
The programme enables consumers to access this form of payment across its vast global acceptance network. Mastercard Installments enables banks, lenders, fintechs, and wallets the ability to offer BNPL experiences at merchants with flexibility across the entire acceptance network. Seamless integration into Mastercard’s trusted network enables merchants to quickly offer secure BNPL solutions backed by the security that comes with Mastercard.
Mastercard will work with Barclays US, Fifth Third, FIS, Galileo, Huntington, Marqeta, SoFi, and Synchrony in the US, and with Qantas Loyalty and Latitude in Australia on the BNPL programme.
The Mastercard Installments programme helps merchants scale BNPL offerings to consumers to turn convenience into a competitive advantage. BNPL solutions have been shown to increase average sales by 45% and reduce cart abandonment by 35% post-implementation, according to the company press release.
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