Mastercard cardholders in the U.K. will soon have the ability to choose a financing option for scheduled payments when making a purchase at a Verifone point of sale terminal accepting the new application.
Mastercard and Verifone are partnering to offer the Mastercard Instalments payment application, which some British retailers will test before the end of the year. The new app offers consumers the ability to choose a payment option during checkout, whether it is an online or in-store purchase.
“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,” June Felix, president of Verifone Europe, said in a Dec. 1 press release.
Verifone developed the merchant app for the Mastercard Instalments program, building it onto its open, cloud-based Verifone Commerce Platform. That platform was introduced as Engage more than a year ago as a way to allow third-party app developers to work with Verifone's technology.
Card issuers will invite the consumer to sign up for Mastercard Instalments and active the app without needing to reissue a card. When using the card, the consumer will be prompted to choose a payment option, simply selecting the number of months over which the full payment would be made. A message regarding that choice is sent to the card issuer to establish payment statements reflecting the monthly payment setup.
“Verifone’s payment devices are used all over the country, so this is a big step forward to introducing Mastercard Instalments as a new way to pay,” Mark Barnett, president of Mastercard U.K. & Ireland, said in the release. “This agreement gives us the ability to roll out the program with retailers large and small throughout the U.K. We believe consumers will welcome this new way to pay, by easily spreading the cost of expensive items.”
Mastercard Instalments has also officially launched in Romania, representing the first global market to do so. The BRD Group Societe Generale bank is already offering its cardholders access to the app at retailers across Romania.