You may remember that we contacted you last year to tell you about the launch of the Mastercard installments program, which allows your customers to split the cost of their purchase into smaller amounts paid over a longer period.
This Buy Now Pay Later experience will be available for domestic transactions in Australia, the United Kingdom, the United Arab Emirates and the Kingdom of Saudi Arabia to anyone with a Mastercard account. The service is already available in the United States of America.
Previously, we communicated on behalf of Mastercard that you would not need to do anything to use this service. You would only need to take action if you did not want to offer installments as you would need to opt out.
This remains the case in the United States, the United Arab Emirates and the Kingdom of Saudi Arabia, however you will now need to take action if you would like to opt in to use the service in the United Kingdom or Australia.
Please contact your support team if you would like to opt in to the Mastercard installments program in the UK or Australia.
We may need some information from you to allow us to register your business, including:
We may also need to confirm that other information we hold about your business is still correct.
Checkout.com will then submit the application to Mastercard and let you know when it has been set up.
The Mastercard Installments program lets customers access a loan through installment program providers before completing their transaction.
You'll receive the full payment upfront from the consumer at the time of purchase - and the customer will pay the lending provider as per their agreed plan.
If your shopper chooses BNPL at checkout, they will be directed to the program provider's website or app to be pre-approved for the BNPL offer. They will need to accept the offer and the terms and conditions before selecting their repayment credentials or linking a bank account. Your shopper can then use this virtual BNPL card to make purchases online or instore anywhere that Mastercard is accepted.
Please see this Pricing and Interchange Bulletin for a full breakdown of costs relating to using Mastercard Installments.
The following MCCs are excluded from the installments program across all regions:
4829 - Money Transfer
6540 - Funding Transactions
6050 - Quasi Cash: Customer Financial Institution
6051 - Quasi Cash: Merchant
6012 - Merchandise and Services: Customer Financial Institution
6532 - Payment Transaction: Customer Financial Institution
6533 - Payment Transaction: Merchant
6536 - MoneySend Intracountry
6537 - MoneySend Intercountry
6538 - Funding Transactions for MoneySend
In addition to these, the following MCCs are excluded in the UK only:
8999 - Professional Services—not elsewhere classified
9311 - Tax Payments
7995 - Gambling Transactions
If you have any questions, do email us at [email protected] or reach out to your dedicated Customer Success Manager.