‹New feature, separately licensed›
A new licensed functionality in Way4 allows issuers to quickly enable BNPL transactions for their cardholders while ensuring fast time-to-market for BNPL startups.
Way4 provides a preconfigured Issuer Mastercard BNPL product – a virtual card for a single BNPL purchase. It comes with fee calculation rules, authentication, accounting, SMS notifications, and other settings that are immediately required to participate in the Mastercard Installments Program. There are multiple repayment schedules to choose from, including the two most common in the BNPL industry:
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Multiple equal instalments payable every 14 days with 0% annual percentage rate (APR)
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Monthly payments from the transaction date, where the fee schedule and APR are based on an Instalment Payment Code, provided in the authorization request by the international payment scheme
Upon a BNPL request from the Mastercard network, Way4 issues a virtual card and makes it instantly available to the cardholder via a mobile wallet or other channels. The card can be used only for this purchase within the corresponding authorization limit and only at the merchant location from which it was requested.
This new license covers BNPL cards accepted within the Mastercard network. Furthermore, the instalment functionality in Way4 is rich enough to deploy similar projects for other open- and closed-loop schemes.