Latitude and Mastercard partner to offer BNPL innovation in Australia and New Zealand
Latitude and Mastercard announce plans to launch:
- A buy now pay later scheme, enabling customers to use BNPL anywhere Mastercard is accepted
- A new industry-leading travel and shopping credit card in New Zealand based on Latitude's highly successful 28° Global Platinum Mastercard in Australia
Latitude Financial and Mastercard have entered into a strategic partnership to deliver cutting edge digital payments solutions for Australia and New Zealand. The partnership will see significant development in Latitude's payments and lending platform, driving new products and innovation in BNPL and the New Zealand travel segment. The next-generation BNPL, enabling LatitudePay customers to buy now pay later anywhere Mastercard is accepted globally, will launch in both countries in 2020, starting in New Zealand.
New Payments innovation - BNPL available anywhere Mastercard is accepted
From next year, Australians and New Zealanders will be able to make purchases using LatitudePay anywhere Mastercard is accepted globally.
Other features include simplified payments, giving customers the ability to group multiple purchases into one simple payment plan.
LatitudePay is Latitude's BNPL payments platform, enabling customers to pay for purchases over 10 interest-free payments.
Signing up takes just 90 seconds, including instant approval for spending amounts of between $150 and $1,000.
Every consumer undergoes a credit and ID check as part of Latitude's ongoing commitment to acting responsibly.
For a video of how this works, click on this link.
Launching a travel and shopping proposition in New Zealand
Latitude and Mastercard will collaborate on a new travel and global shopping credit card, which will feature innovations available exclusively to New Zealand customers at launch. New Zealanders who love to travel and shop will soon be able to apply for their own unique card.
Latitude and Mastercard previously joined forces in 2009 to develop the 28° Global Mastercard, Australia's leading travel and shopping credit card. The new travel card will launch in New Zealand next year.
Latitude Managing Director and CEO Ahmed Fahour said, "We are excited to expand our partnership with Mastercard, one of the most respected global brands, to innovate in buy now pay later and develop other products that will benefit Latitude customers. This is the next evolution of the BNPL industry and will enable consumers to pay for their purchases using LatitudePay at any of the nearly 53 million merchants that accept Mastercard worldwide."
Ajay Banga, President and CEO of Mastercard, said, "Everyone wants a seamless shopping experience. This partnership lets us provide that and more ‐ we're building the foundation for people to choose to pay in the way they want, when and where they want, knowing each time it's going to be simple, safe and secure."
Latitude Financial is a leading digital payments, instalments and lending business with 2.6 million customer accounts and over 1,950 merchant partners that operate more than 9,000 online and physical outlets across Australia and New Zealand. LatitudePay, Latitude's BNPL payments platform, was launched in Australia in September.
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