BNPL player Laybuy partners with Mastercard
A recent entrant to Australia’s increasingly competitive buy now, pay later market has announced a partnership with Mastercard.
Laybuy, which launched in Australia in September 2019, has inked a deal with the global payments giant to enable its customers to use Laybuy in any store that accepts Mastercard’s contactless payment technology.
According to Laybuy, it has partnered with Mastercard’s ‘Fintech Express program’, where a digital debit Mastercard will integrate with the existing Laybuy app for the majority of mobile devices on both iOS and Android.
Laybuy co-founder and managing director Gary Rohloff said the partnership between Laybuy and Mastercard will support its growth globally.
“For the first time, it enables our customers to pay using their Laybuy account at any retailer accepting Mastercard’s contactless technology,” Mr Rohloff said.
“This product development suits the highly engaged, technologically driven millennial customers seeking alternatives to traditional interest-bearing credit cards.
“It is beneficial for merchants as the contactless solution speeds up integration and in-store processing times significantly. It’s a win-win for merchants and customers.”
At launch, Laybuy had only 1,200 merchants signed up – a relatively small amount compared to giants like Afterpay, which has over 32,000.
But this partnership should significantly increase the numbers of merchants customers can use Laybuy in.
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