MasterCard Installments or Buy now pay later (BNPL) has gotten a boost. Small businesses in the US, UK, and Saudi Arabia will enjoy an expansion of the MasterCard BNPL with the support of new partners. HSBC, J.P. Morgan, and NatWest in the UK, Cross River, Evolve Bank & Trust, Jifiti, Live Oak Bank, MOCA Financial, and WebBank in the US. In Saudi, it is the National Bank (SNB).
Small businesses will be able to access over 90 million Merchants on the MasterCard network. These businesses can perform a BNPL transaction right at checkout in-store and online. MasterCard has devised ways to ensure repayment. It discovered the reason for not using the BNPL.
Now, MasterCard has provided merchants and lenders with Test and Learn tech to help direct efforts at seamless repayment. Also, merchants and lenders can now use customer-approved data and open banking AI to study consumer behavior and minimize failed payments. In all of this, customer protection remains paramount.