Mastercard launches BNPL product

Mastercard Instalments allows consumers to digitally access BNPL offers, either pre-approved through their lender’s mobile banking app or through instant approval during checkout. Pre-approved instalments can be used directly on a merchant’s website and can be stored in digital wallets to then be used online or in-store wherever Mastercard is accepted.

Consumers can pay using equal, interest-free instalments.

The product is available in the UK, US and Australia.

Craig Vosburg, chief product officer at Mastercard said: “At the heart of it, payments come down to choice – and people want more from their money with greater flexibility and control in how they pay and where they shop.

“Mastercard Instalments is a digital-focused way to pay today and tomorrow, delivered through consumer’s most trusted relationships with their banks and other lenders, at merchants of their choice.”