MasterCard International has announced the launch of the MasterCard Installment Card.
An alternative to paper-based installment loans, this MasterCard payment solution, which is supported by consumer research and subject to a U.S. patent (6,315,193), provides member financial institutions with an opportunity to increase revenue while simultaneously reducing processing and operating costs.
Consumers worldwide spent more than $500 billion on unsecured installment loans in 2001," said Randall Wheeler, senior vice president, customer solutions, MasterCard International. "The launch of MasterCard’s Installment Card gives our member financial institutions a new strategic asset to penetrate this category. In addition to serving as an alternative to the traditionally expensive and laborious installment loan process for members, our research indicates that consumers are positively pre-disposed to the MasterCard Installment Card based on the flexibility, control and convenience this payment solution provides.