The global COVID-19 pandemic has led to significantly more consumers looking for better and flexible payment options, meanwhile, payment card issuers and merchants are focused on providing cardholders with the best choices, control and simplicity at the time of checkout.
Payments giant Mastercard has teamed up with TSYS, a global payments company, so that consumers can use their Mastercard to split payments into smaller installments “before, during or after” checkout.
TSYS is notably the first processor to offer installment capabilities to issuers so that users are able to enjoy seamless payments experiences. Mastercard’s partnership with TSYS has further enhanced its existing buy-now-pay-later ecosystem. The payments firm has been offering a wide range of merchant products via its API-based solutions, commercial partnerships, and acquisitions.
Did you know?
- 40% of consumers who regularly used installment payments before the pandemic have stated they have since increased their usage
- 32% of all respondents wish more stores offered installment payments
TSG conducted a survey of 483 consumers in the U.S., with the goal of understanding the impact COVID-19 has had on the way the U.S. consumer pays for goods and services. The survey was conducted on April 20th, 2020.
Click here to download the infographic based on payment method insights.