28 September 2021 – Mastercard announced the launch of Mastercard Installments in the US, Australia and the UK. It enables consumers to digitally access buy now, pay later (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. Mastercard is partnering with Barclays US, Fifth Third, FIS, Galileo, Huntington, Marqeta, SoFi and Synchrony in the US, and with Qantas Loyalty and Latitude in Australia.
Consumers will have full transparency on lender practices up-front during the approval process, and unlike most current BNPL offerings, consumers will continue to benefit from zero liability fraud protection, the ability to challenge unrecognised charges, and the peace of mind that comes with Mastercard’s acceptance footprint.
Re-disseminated from Mastercard