Australian financial services firm Latitude has joined hands with Mastercard to offer its members buy now and pay later (BNPL) feature in Australia and New Zealand.

The new offering will enable LatitudePay users to avail buy now pay payment later option anywhere Mastercard is accepted.

Scheduled to be rolled out in both countries in 2020, the new service will enable users to pay for shopping over ten interest-free EMIs.

Additionally, the new solution will give users option to club several purchases into one simple payment plan.

The company claims that signing up process will take barely 90 seconds. It will also offer real-time approval for spending amounts up to $1,000 after initial credit and ID checks.

Additionally, Latitude, in association with Mastercard, will introduce a new travel and global shopping credit card.

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.”

Mastercard president and CEO Ajay Banga 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.”

In 2009, Latitude and Mastercard launched a travel and shopping credit card, called the 28° Global Mastercard.