Mastercard Announces BNPL Partnerships

NYSE-listed multinational financial services provider, Mastercard has recently expanded its list of partners and added prominent Buy Now Pay Later (BNPL) brands. The company is planning to expand Mastercard Installments.

Mastercard Installments utilizes the power of the company’s efficient and trusted network to make the growing feature of Buy Now Pay Later available to millions of customers and merchants around the world. Additionally, the mentioned service allows different financial firms and BNPL players to offer a broad range of flexible instalment options to consumers.

“As demand for BNPL solutions continues to grow, consumers have made it clear they want greater choice, flexibility and control in how they pay – wherever they shop,” said Linda Kirkpatrick, the President of North America at Mastercard.

“With our vast acceptance and reach, Mastercard is uniquely positioned to enable lenders and merchants to deliver seamless and secure BNPL experiences at scale. Our diverse new partners represent the versatility and agility of our BNPL program, and we’re excited to work together to make BNPL available to millions of consumers worldwide,” Kirkpatrick added.

BNPL

The global demand for BNPL products is skyrocketing. As a result, leading players in the sector are raising significant funds to expand their operations. In February 2022, the BNPL platform ViaBill received $120 million in equity and debt financing. Earlier this month, BNPL services provider Tabby secured $54 million in funding for the expansion of its operations.

Amount, Bass Pro Shops and Cabela’s, Deserve, H&R Block, i2c, Lithic, Saks Fifth Avenue, Sutton Bank, and Walgreens have joined the growing list of Mastercard partners.

“Deserve is committed to providing innovative, digital-first solutions that meet the needs of today’s consumers, and BNPL is a core feature that fits naturally into our platform. We are excited to be a launch partner for the Mastercard BNPL program, as it advances both Mastercard and Deserve's ability to offer BNPL at scale to drive outstanding consumer experiences,” Kalpesh Kapadia, the CEO of Deserve, said.