Mastercard has broadened its US Installments program to provide consumers with more payment flexibility through its Mastercard Installment Payment Services. This platform allows merchants, financial service providers, processors, and digital wallets to offer installment payment options at eligible digital points of sale. Consumers can benefit by spreading their purchases over time using eligible credit cards without needing additional applications. Collaborating with partners like Global Payments, Skipify, and Splitit, Mastercard aims to make these options accessible across point-of-sale systems and online channels.
The integration into various payment systems enhances the checkout experience, ensuring secure and transparent transactions with standard protections like tokenization and dispute resolution. Installment payments have become popular, especially among millennials and Gen Z, due to their convenience and lack of hidden fees, influencing a shift in consumer expectations for flexible, user-friendly financing. Established financial players are entering the market to compete with BNPL providers, offering enhanced security and integration, reflecting a growing trend towards personalized payment solutions in modern retail finance.
Source: The Paypers
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