Mastercard to offer buy now, pay later feature

Mastercard joins competitors Monzo and Revolut

Mastercard is set to implement the “buy now, pay later” feature on its cards as it becomes the biggest player to now do so.

The service will allow people to pay via interest-free instalments, across the UK, US and Australia.

Mastercard’s move is only the latest as a number of company’s are exploring new versions of credited.

Other firms to do so include Revolut and Monzo, while Apple are said to be exploring an offering in that area.

Craig Vosburg, Mastercard’s chief product officer, said that Mastercard Installments was “a digital-focused way to pay today and tomorrow, delivered through consumers’ most trusted relationships with their banks and other lenders, at merchants of their choice”.

Critics are of the view that it is not neccessarily a good thing for customers as they are likely to take on more debt.