Mastercard has announced a new partnership with TSYS, a Global Payments company, that will enable consumers to split transactions into instalments before, during or after checkout.
The collaboration comes as the global pandemic is driving consumers to seek flexible payment options while issuers and merchants alike want to provide cardholders with choice, control and simplicity at checkout.
TSYS is the first processor to deliver instalment capabilities to issuers in order to provide seamless payments experiences to their cardholders, enhancing Mastercard’s buy-now-pay-later ecosystem.
Brian Riley, director of the credit practice at Mercator Advisory Group commented: “Adding the instalment lending function to a bank card is suitable for all parties in the transaction. The consumer has a discrete transaction, separate from their general purchasing. Merchants get to close the sale, and similar to credit card usage, have an opportunity to upsell the customer. The issuing bank benefits with increased spending.”
This new partnership complements Mastercard’s comprehensive suite of merchant offerings through API-based solutions, commercial partnerships, and acquisitions across the globe.