The MasterCard Platform for providing payment by installments

2019: The description of the MasterCard platform for providing payment by installments by banks

According to information for November, 2019 the MasterCard platform provides to banks a technological capability for instant providing payment by installments according to the card on payment of acquisitions.

In addition to structurization of payments for holders of cards the MasterCard service has advantages and to other participants of process. For trade and service company this increase in the average check, for merchant acquirer – a possibility of providing additional service to the clients and receiving an additional income, and for emitting bank – increase in a customer loyalty and reduction of operating costs when receiving joint financing of payments from trade and service company — Galina Ganeeva, the vice president for sale and development of the products MasterCard in Russia noted.

Conditions and credit programs will be defined by the emitting banks connected to the platform. For obtaining information holders of cards of MasterCard will address to the bank which issued their card. Holders of the credit and debit cards MasterCard with an overdraft, making purchase, will be able to select the loan repayment period suitable them - from 3 to 12 months.

It is supposed that the platform will work at the initial stage for purchases on the Internet. At payment of the order transaction takes place on a full amount, further the card holder parts repays the debt to emitting bank. For a purchase design the emitting bank and merchant acquirer of trade and service company should be connected to the platform. For merchant acquirer connection to the platform is a possibility of receiving an additional income and competitive advantage due to providing demanded service to trade and service companies.