Banking

MasterCard, JPMorgan, others partner to boost payment choices

MasterCard says it has welcomed a raft of new global partners to its innovative MasterCard Installments programme and is expanding it further to support small businesses.

According to the company, this illustrates the demand for powerful buy now, pay later (BNPL) experiences from familiar and trusted brands.

MasterCard said several new partners were providing support for the programme, including HSBC, JPMorgan and NatWest in the United Kingdom.

Others include Cross River Bank, Evolve Bank & Trust, Jifiti, Live Oak Bank, MOCA Financial and WebBank in the United States; and Saudi National Bank in Saudi Arabia.

According to a statement by MasterCard, the programme taps the power and scale of the MasterCard network, which connects to more than 90 million merchants globally, to instantly support secure BNPL payments at checkout, both in-store and online.

In addition to delivering more payment choices, MasterCard Installments is built on responsible lending practices and supports shoppers with an enhanced set of consumer protections, data transparency and insight-driven programs.

Through technology, data and insights, and its consulting expertise, MasterCard is creating a more intelligent way to provide installment lending at scale.

“We believe no matter how you pay, a foundation of strong protections must be in place,” said Craig Vosburg, Chief Product Officer at MasterCard.

“Trust is the currency of innovation. Using a Responsible-by-Design approach ensures that we stay ahead of consumer, merchant and bank needs and expectations, continuously building confidence in the payments ecosystem by providing choice at scale,” he added.

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