BNPL adoption continues to accelerate globally
Mastercard has unveiled Mastercard Installments, a Buy Now, Pay Later program that will come in the US, Australia, and the UK.
According to the press release, Mastercard to 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 program.
Mastercard Installments enables consumers to digitally access BNPL offers, either pre-approved through their lender’s mobile banking app or through instant approval during checkout.
Pre-approved installments 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. Consumers will have full transparency on lender practices up-front during the approval process.
Besides, the Mastercard Installments program 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.
Mastercard Installments provides merchant integration with a streamlined process for millions of merchants who already accept Mastercard.
Meanwhile, acquiring banks can offer installments capabilities to their entire merchant base with minimal, simple integration.
We’ve reported that Amazon Pay rolled out version 2 of its Checkout solution.