Mastercard and TSYS partnership is aimed at enabling consumers to split transactions into instalments before, during or after checkout
Mastercard expands installment offerings. (Credit: Alina Kuptsova from Pixabay.)
Mastercard has joined forces with TSYS, a subsidiary of Global Payments, to enable consumers pay with pre-sale, point of sale or post-sale instalments, using their Mastercard.
The new partnership is an addition to the suite of offerings provided by Mastercard for merchant offerings through API-based solutions, commercial partnerships, and acquisitions across the globe.
TSYS partnership is aimed at enabling consumers to split transactions into instalments before, during or after checkout.
Also, TSYS becomes the first processor to deliver instalment capabilities to issuers, offering easy payments experiences to the cardholders, and enhance Mastercard’s buy-now-pay-later solutions.
TSYS issuer solutions president and global payments senior executive vice president Gaylon Jowers said: “This new collaboration with Mastercard gives our issuing clients the ability to offer best-in-class installment payment experiences to their cardholders, while enabling consumers to choose when they want to pay.
“Our installment solution addresses the growing consumer demand for payment optionality, further solidifying our position as a leading provider of technology solutions across the globe.”
Mastercard’s buy-now-pay-later solution enables customers pay in instalments
According to Mastercard research, three of four Americans who tried instalment plans for the first time during the pandemic plan have continued using them, which indicates that people prefer solutions that empower them.
Mastercard’s buy-now-pay-later solution includes pre-sale, point of sale and post-sale offerings. Pre-sale offerings help consumers to pre-determine their payments over time for specified dollar thresholds and spend categories.
Point of sale offerings enable users receive notifications related to an instalment plan while shopping.
The post-sale option allows shoppers to select an installment plan offered by their issuing bank after a purchase is complete.
Mastercard North America product and innovation executive vice president Jess Turner said: “Today’s consumer is looking for increased choice in how they manage their finances and spend while still demanding a seamless, secure checkout experience whether in store or online.
“Our work with TSYS, in conjunction with our wider point-of-sale financing ecosystem partners, helps improve the consumer checkout experience and enables issuers and merchants to benefit from increased consumer acquisition, loyalty and approval rates while decreasing cart abandonment.”