Mastercard today announced an important partnership with Verifone (NYSE: PAY), a global leader in payments and commerce solutions, to roll out a new instalment pay application at retailers across the U.K.
With a significant footprint of payment terminals at major retailers, Verifone will help Mastercard roll out the solution for UK cardholders.
Mastercard Instalments has been developed to bring a fresh payment option to the marketplace. The service is designed to give cardholders the flexibility of managing their cash-flow and the control of fixed payments at a pace that works best for them. Whether shopping online or in-store, cardholders can choose their instalment option upon checking out, with full transparency.
Built on the open, cloud-based Verifone Commerce Platform, Verifone developed a unique merchant app for the Mastercard Instalments programme which will offer convenient and flexible repayment options to consumers at the point-of-sale (POS) payment device in-store.
“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,” said June Felix, president of Verifone Europe. “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.”
“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,” said Mark Barnett, President, Mastercard UK & Ireland. “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 Instalments offers cardholders more choice in the purchase process, so they can decide when purchasing that new TV or flight that they’d rather repay it in fixed instalments. For issuers, Mastercard Instalments represents a new way to bring value to their customers across credit, debit or commercial cards.
In addition, Mastercard Instalments officially launched in Romania, its first global market. BRD Groupe Societe Generale is already offering its cardholders access to Instalments at retailers across Romania, having conducted its first transaction successfully last week.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
Verifone is transforming everyday transactions into opportunities for connected commerce. We’re connecting payment devices to the cloud, merging the online and in-store shopping experience and creating the next generation of digital engagement between merchants and consumers. We are built on a 30-year history of uncompromised security with approximately 29 million devices and terminals deployed worldwide. Our people are known as trusted experts who work with our clients and partners, helping to solve their most complex payments challenges. We have clients and partners in more than 150 countries, including the world’s best-known retail brands, financial institutions and payment providers. Verifone.com | (NYSE: PAY) | @verifone
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