Mastercard partners with Global Payments’ TSYS to expand installment offerings
By Pavithra R
The economic uncertainties caused by the global pandemic is driving the demand for consumers seeking flexible payment options while issuers and merchants alike want to provide cardholders with choice, control, and simplicity at checkout. Through the partnership, TSYS will deliver installment capabilities to issuers to provide seamless payments experiences to their cardholders, enhancing Mastercard’s buy-now-pay-later ecosystem. The collaboration also complements Mastercard’s comprehensive suite of merchant offerings through API-based solutions, commercial partnerships, and acquisitions across the globe.
“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,” said Jess Turner, Executive Vice President, North America Product and Innovation for Mastercard.
According to Mastercard research, three out of four Americans who have tried installment plans for the first time during the pandemic plan to continue using them after it is over. The partnership is expected to enable consumers in North America to use their Mastercard to split transactions into installments before, during, and after a purchase.
The comprehensive suite of Mastercard buy-now-pay-later offerings includes:
- Pre-Sale: enabling consumers can pre-determine to spread payments over time for specified dollar thresholds and spend categories.
- Point of Sale: Consumers can receive notifications while shopping, enabling them to purchase goods on an installment plan integrated with their card.
- Post-Sale: Shoppers may choose an installment plan presented by their issuing bank after a purchase is complete, enabled through the TSYS collaboration using the TSYS Digital Engagement Platform with APIs.
“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,” said Gaylon Jowers, President, TSYS Issuer Solutions, and Senior Executive Vice President of Global Payments, Inc.
Recently, Emburse teamed up with Mastercard & Amazon Business to simplify the buy-pay-expense process.
Established since 1966, Mastercard is a global technology company in the payments industry. The firm is committed to building a more inclusive digital economy that works for everyone. The firm is also making Environmental, Social, and Governance (ESG) central to its business model.
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