Mastercard is broadening its US Installments Programme to provide consumers with increased payment flexibility at checkout.
The expansion of Mastercard Installment Payment Services will allow for a seamless platform that connects merchants, financial service providers, payments processors, and digital wallets, enabling them to offer instalment plans to consumers using any eligible credit card from participating issuers.
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Consumers will now have the option to spread their purchases over time with pre-approved instalment plans on any eligible credit card.
Mastercard is collaborating with industry partners such as Global Payments, Skipify, and Splitit to facilitate this development.
Participating issuers will be able to extend their card-attached offers across various consumer payment channels, including digital wallets and connected point-of-sale (POS) systems.
Merchants connected to the API-based platform can provide access to millions of pre-approved offers, streamlining the payment process for consumers who can use their existing cards without additional applications.
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By GlobalDataMastercard North America core products executive vice president Seema Chibber said: “Over the past few years, we’ve seen consumer demand and adoption of instalments continue to rise as digital payment options grow across channels.
“Fuelling that momentum is driven by issuer and merchant desire to deliver simple, transparent and flexible ways to pay, whenever and wherever consumers are.
Mastercard’s personalisation capabilities will allow issuers and merchants to offer tailored instalment payment offers.
Consumers can benefit from instalment payments as part of their existing card’s offerings, while merchants gain a straightforward and consolidated method to present these options to customers.
In addition, consumers can expect the same security features they receive from other Mastercard products, including tokenisation, dispute resolution, and zero liability protection.
Recently, the company launched Mastercard Move Commercial Payments to help banks manage cross-border commercial transactions.
