Mastercard stated that, multiple new global partners will be the part of its advanced Mastercard Installments programs. It is also growing to aid the US-based small businesses by getting support from various new partners for the program after seeing the demand for buy now, pay later (BNPL) from recognized brands, like, Live Oak Bank, MOCA Financial and WebBank in the U.S.; NatWest, HSBC, and J.P. Morgan in in the U.K., and Saudi National Bank (SNB) in Saudi Arabia.
The program shows the strength and size of the Mastercard network, which links to millions of retailers worldwide, to rapidly accept safe BNPL payments at the point of sale, both in-person and online.
Mastercard, along with, offering more choices for payment, is developed on responsible lending practices that empower shoppers with an improved collection of data transparency, consumer protections, and insight-driven programs. Mastercard is building a scalable way for instalment lending through its consulting expertise, data and insights, and technology.
Mastercard’s World Payments Advisory™ new global consumer research reveals approx. a quarter of respondents throughout over 50 markets have utilized a BNPL product in the past six months. Forgetting the payment was due was the key reasons for BNPL users when they miss an instalment, while “hidden charges” was the main roadblock to consumer adoption. Mastercard noted these issues with a set of new-age services providing the next-level transparency and safeguards businesses and consumers. More than 70% of small business owner who have taken personal instalments will go for business installments products if they become available as per Mastercard research.
Craig Vosburg, Chief Product Officer, Mastercard, commented, “We believe no matter how you pay; a foundation of strong protections must be in place. Trust is the currency of innovation. Using a Responsible-by-Design approach ensures that we stay ahead of consumer, merchant and bank needs and expectations, continuously building confidence in the payments ecosystem by providing choice at scale.”