MultiPay Launches Installment Payments with Mastercard
MultiPay Global Solutions and Mastercard are partnering for an installment product to offer consumers payment flexibility for purchases in-store and online.
“Consumers now expect the same features and services they have become familiar with online to be part of the in-store experience too,” David Maisey, CEO of MultiPay Global Solutions, said in a press release on Tuesday (May 17).
“We want to allow Irish retailers to offer in-store installment payments as simply and easily as possible. This has led to the launch of our MultiPay installment product, a new payment solution enabled by Mastercard that gives Irish consumers added control with how they pay, improving the customer experience, but without increasing costs or complexity for merchants,” Maisey said.
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Installment billing products are expected to surpass €5 billion between 2020 to 2028 in Ireland, according to the release. People can set up installments using a Mastercard with any sales associate who has an Android payment terminal.
“Once their eligibility is confirmed by their card issuer, subject to the issuer’s terms and conditions, they are offered their monthly installment plan with a competitive APR,” according to the release.
“As consumer demand grows in this space, we’re delighted that MultiPay’s system has been able to bring Mastercard Instalments Payment Services to brick and mortar retail shops offering more choice at checkout,” said Sonya Geelon, Ireland Country Manager at Mastercard.
“Our combined expertise and agility meant that we could quickly develop and integrate an innovative payment solution,” Geelon said.
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Retailers can seamlessly connect to MultiPay Installments powered by Mastercard using an existing bank account. Retailers can also continue to use their current payment infrastructure for existing payment methods.
“The creation of our MultiPay product strengthens our relationship with Mastercard – sharing a vision of bridging the gap between online and in-store customer experience and having Mastercard’s support has been a huge benefit,” Maisey said.