MasterCard has teamed up with Verifone to launch a new installment pay application at retailers across the UK.
Dubbed MasterCard Installments, the app will give user the option to pay for their purchases in fixed installments once they insert their card at the point-of-sale (POS).
The app is designed for shopping both online and in-store and will begin running on Verifone payment terminals in early January 2017.
It is built on the open, cloud-based Verifone Commerce Platform and Verifone developed a unique merchant app for the MasterCard Instalments programme which will offer flexible repayment options to consumers at the POS payment device in-store.
Verifone Europe president June Felix said: “Working with MasterCard, we are bringing flexible payment acceptance to merchants and smarter purchasing options to shoppers at the POS where they can experience ease and choice to fit their lifestyles. Leveraging our large client base and devices that support Commerce Platform, we are initiating discussions with leading UK retailers interested in testing the MasterCard programme this year.”
Mark Barnett, president of MasterCard UK & Ireland said: “This agreement gives us the ability to roll out the programme with retailers large and small throughout the UK. We believe consumers will welcome this new way to pay, by easily spreading the cost of expensive items.”
MasterCard first launched this app in Romania in partnership with the local bank, BRD–Groupe Société Générale.