MasterCard has unveiled a new service, called MasterCard Instalments, which will allow cardholders to split purchases into payment cycles.
The company will pilot the service in selected markets in Europe in the second half of 2016.
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With this new service, MasterCard aims to makes high-value purchases, such as a new TV or car repairs, more attainable and manageable for consumers.
MasterCard head of core products in Europe Andrew Buckley said: "Based on consumer research and consultations with consumers associations, issuers and other stakeholders in the payment value chain, the solution is designed to respond to the needs of consumers and business partners.
"Today, everyone is looking for a smarter way to shop: consumers want flexible payment solutions that will help them fulfill their needs while maintaining a better control over their budget."
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By GlobalData
