Mastercard payment system launched Mastercard Installments BNPL (Buy Now, Pay Later) program in the markets of the U.S., Australia and the UK, which enables consumers to access this increasingly popular form of payment across its vast global acceptance network.As the company’s report reads, the new BNPL program gives consumers a flexible, ubiquitous way to pay online and in-store through equal, interest-free installments. Mastercard Installments enables consumers to digitally access BNPL offers, either pre-approved through their lender’s mobile banking app or through instant approval during checkout.It enables banks, lenders, fintechs, and wallets to offer a variety of flexible installment options to consumers - including a zero percent interest, pay-in-four model – without onerous integration into the merchant infrastructure, allowing them to quickly offer secure and competitive BNPL experiences at scale. Seamless integration into Mastercard’s trusted network enables merchants to quickly offer secure BNPL solutions backed by the security and peace of mind that comes with Mastercard. BNPL solutions have been shown to increase average sales by 45 percent and reduce cart abandonment by 35 percent post-implementation. According to Craig Vosburg, Chief Product Officer, Mastercard, people want more from their money with greater flexibility and control in how they pay and where they shop. “Mastercard Installments has been built on our guiding principles to protect consumers and enable choice without sacrificing trust and security. It is a digital-focused way to pay, delivered through consumer’s most trusted relationships with their banks and other lenders, at merchants of their choice,” he said. 08.09.2021 | 16:34 PayPal to pay $2.7bn for Japanese buy now, pay later provider It should be noted that there has been growing interest towards BNPL service lately. Banks.am has recently reported that PayPal has agreed to acquire Paidy, a Tokyo-based Buy Now, Pay Later group, for $2.7 billion. This August, American payment company Square, headed by Twitter founder Jack Dorsey, and Australian online lending firm Afterpay have agreed on an $29 billion acquisition deal for all of the issued shares in Afterpay. 11.08.2021 | 12:52 The growing popularity and the financial risks of “buy now, pay later” At the same time, Fitch Ratings analysts associate the growing popularity of BNPL services with financial risks. In particular, researchers believe that the purchase of goods and services under BNPL schemes has a number of risks due to most market participants failing to pay enough attention when assessing the creditworthiness of users. Analysts also highlight the lack of transparency in reporting on debts associated with BNPL services. The partner of Fintech section is Tweet Views 11606