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Latitude & Mastercard deal to allow customers of Latitude's Genoapay to buy now pay later globally anywhere Mastercard is accepted, with travel & shopping credit card to follow

Personal Finance
Latitude & Mastercard deal to allow customers of Latitude's Genoapay to buy now pay later globally anywhere Mastercard is accepted, with travel & shopping credit card to follow

Latitude Financial Group and Mastercard issued the following statement early this morning.

Latitude and Mastercard partner to offer new payments innovation in New Zealand and Australia

  • Latitude and Mastercard announce plans to launch:
    • New Zealand’s first BNPL [buy now, pay later] program, enabling customers to use BNPL anywhere Mastercard is accepted, with Australia expected to follow
    • A new industry-leading travel and shopping credit card in New Zealand based on the highly successful 28 Degrees Global Platinum Mastercard in Australia

Latitude Financial and Mastercard have entered into a strategic partnership to deliver cutting edge digital payments solutions for New Zealand and Australia. The partnership will see significant development in Latitude’s payments and lending platform, driving new products and innovation in the New Zealand Travel and BNPL segments. The next-generation BNPL, enabling Genoapay customers to buy now pay later anywhere Mastercard is accepted globally, will launch first in New Zealand, followed by Australia, in 2020. The new travel card will also launch in New Zealand next year.

New Payments innovation – BNPL available anywhere Mastercard is accepted

New Zealanders will now be able to make purchases using Genoapay anywhere Mastercard is accepted globally.

Other features include simplified payments, giving customers the ability to group multiple purchases into one simple payment plan.

Genoapay is Latitude’s BNPL payments platform in New Zealand, 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.

(There's a video here).

Launching a travel and shopping proposition in New Zealand

Latitude and Mastercard will collaborate on a new travel and 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 Degrees Global Mastercard, Australia’s leading travel and 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 Genoapay 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.

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Interesting partnership, and a good use of scale by Latitude, as other crowds likely arent big enough to sit at the table with Mastercard on a deal like this.

I'd been wondering how Visa and Mastercard would combat their part of the 'consumer credit' pie being eaten into, and looks like first move is to get into bed with them. Looking forward to seeing how it plays out.