Exclusive: Mastercard And Verifone Launch Uk Point-Of-Sale Financing App

[Ron Burgundy]

By Jemima Kelly CANNES, France (Reuters) - British shoppers will soon be able to decide to spread the cost of a purchase over a series of monthly instalments at the point of making a payment with their credit card, in a new partnership between Mastercard Inc card machine maker VeriFone Systems Inc. The "Mastercard Intalments" app - the first of its kind in Britain - will launch on VeriFone payment terminals at some UK retailers in January, and will then be rolled out to other shops across the country. Customers who have been deemed eligible by their banks will be given the option of paying for their purchases in fixed instalments at the point that they insert their card into a payment terminal. "For the merchant it's an interesting value proposition because we're saying: we're going to give your customers a new way of financing their purchase that's private - they don't need to talk to anybody or do any credit checks," Verifone commerce enablement and innovation vice president Nathan Gill told Reuters at the sidelines of the Trustech conference in Cannes.

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