Mastercard has signed up a gaggle of new partners – including American Airlines, CSI, Fiserv and Tsys – to its recently launched buy now, pay later offering.
It enables members to offer a variety of flexible instalment options to consumers – including a zero percent interest, pay-in-four model – without onerous integration into the merchant infrastructure.
Crucially, Mastercard is deploying Open Banking technology through Finicity in the US and its pending acquisition of Aiia in Europe to use consumer permissioned data tied to debit or bank account credentials to run affordability checks on applicants.
The latest round of partners, which includes Australian BNPL players hummgroup and Limepay, join Barclays US, Fifth Third, FIS, Galileo, Huntington, Marqeta, SoFi, and Synchrony an others.
Craig Vosburg, chief product officer, Mastercard, says: “Mastercard Installments offers a digitally focused way to pay today and tomorrow, delivered through consumers’ most trusted relationships with their banks and other lenders, at merchants of their choice.
“The program’s unique, open loop model provides lenders, merchants and consumers alike the ability to enjoy the benefits of BNPL purchasing, with the security and consumer protections they’ve come to expect from Mastercard.”