Mastercard sets its sights on SMEs with new BNPL commercial card solution
The Pay & Split provides SMEs with the first-of-its-kind, network-based, open-loop payment solution.
Mastercard has announced its newest offering that will provide small and medium enterprises (SMEs) the option to also enjoy the benefits of the more consumer-oriented Buy Now, Pay Later (BNPL) for their businesses.
Called Mastercard Pay & Split, it enables financial institutions to provide SMEs with a first-of- its-kind, network-based, open-loop installments solution to be made available anywhere in the world.
The card-led product will be available to issuers in Asia Pacific. It aims to address the demand for flexible financing options amongst underserved businesses and help the growth among APAC’s SMEs.
Mastercard said they see an enthusiasm for commercial BNPL products amongst APAC countries with interest as high as 77% in India and 80% in Singapore. Taking a global view 75% of SME business owners who have used installments for personal purchases said that they would be likely to adopt similar payment solutions for their business.
Aside from making easy installment purchases from suppliers around the world, Pay & Split offers SMEs the chance to build their credit history.
Mastercard's Pay & Split can be used to purchased from 80 million merchants worldwide where it can be accepted into monthly or periodic installments.
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