New Zealand Buy Now, Pay Later (BNPL) provider Laybuy (ASX : LBY) has announced the launch of its innovative digital BNPL Matsercard in New Zealand, which will allow customers to purchase goods and services in store using Laybuy by simply tapping their smartphone.
Consumers can now enjoy all the benefits of Laybuy while at the same time making use of Mastercard’s simple contactless payment technology. Laybuy managing director, Gary Rohloff, says unlike other cards on the market, Laybuy’s digital card doesn’t charge customer fees, interest or any monthly account fees.
“Customers simply need to load the card into their smartphone’s wallet. They can then use it to buy goods and services with Laybuy in the same way they would if they were making a contactless payment using a physical card.
“Best of all, they’ll still enjoy all the benefits of using Laybuy, including spreading their repayments over six weeks and never, ever paying interest.”
The initiative is a win-win for both shoppers and retailers and can be enabled in store with ease. Laybuy in store reduces the time required by merchant staff to process BNPL transactions, meaning they can focus less on admin and more on their customers.
“Experience tells us offering Laybuy as a payment option helps increase sales, lifts average basket sizes and help merchants gain new customers,” says Rohloff.
“Because the digital card makes it easier for customers to use Laybuy, we have every expectation these benefits will only be amplified.”
The Laybuy card was conceived through Mastercard’s Fintech Express, a fast-track accelerator programme designed for companies like Laybuy who are not only growing rapidly but delivering innovative products to the market.
Country manager for Mastercard New Zealand, Ruth Riviere, says Mastercard is committed to developing products that make payments simple, smart and secure.
“With Buy Now Pay Later becoming an increasingly popular way to pay for many Kiwis, Mastercard is delighted to be partnering with Laybuy to provide solutions to make accessing their service easier for their customers and merchant partners.”