People increasingly crave flexibility and control when it comes to spending their money: from how they pay to where they pay – in store, on mobile or online. Now consumers in the UK can take advantage of a new instalment payment solution when booking travel through lastminute.com, giving them greater flexibility on when to pay.
Giving consumers the opportunity to ease the financial burden of booking a holiday and helping enhance the travel planning experience, lastminute.com has partnered with Divido and Mastercard to launch instant financing options, which lets retailers and businesses offer eligible customers the opportunity to spread the cost of their purchases over a period of time using instalments.
The flexibility of financing at the point of sale is particularly attractive to those faced with large-ticket purchases: Spreading out the cost with clear terms lets travellers budget better and helps them plan their holidays more effectively – and enjoy them worry-free. And consumer confidence in alternative lending is growing.
A third of UK shoppers view retail finance as a convenient way to spread the cost of expensive purchases, and nearly one in five call the availability of different finance options the most important factor when making big-ticket purchases, according to 2019 research by Divido.
“We are always looking for innovative ways to deliver seamless payment options for consumers and value-enhancing solutions for our retail partners,” says Zahir Khoja, senior vice president, Global Acceptance, Mastercard. “Our partnership with Divido and lastminute.com gives travellers greater flexibility to book and pay when convenient for them.”
“Travel should be inspirational, not aspirational,” says Sergio Signoretti, CFO, lastminute.com. “We want to give all travellers the opportunity to widen their horizons, and spreading out the cost of a trip over time can enable the experience of a lifetime. This partnership reinforces our commitment to launching even more innovative and frictionless payment options, helping transform travel dreamers into bookers.”
Divido’s platform provides instant access to credit by connecting shoppers to multiple lenders at the moment of purchase, whether buyers are online, on payment-enabled devices or in store. With lastminute.com, the consumer applies for financing as part of the checkout process by providing personal information and selecting their desired loan term. The loan application is sent to Fly Now Pay Later via API, and if approved, the consumer checks out as normal. The consumer’s monthly payments are automatic and transparent.
“Enabling choice through multiple lenders is a winner for consumers, and that gives retailers a competitive edge on big-ticket items and boosts loyalty, average order size and conversion rates,” says Christer Holloman, CEO, Divido.
Mastercard continues to grow its global investment in retail financing solutions through partnerships like this, which combine our technology with platforms that further boost the flexibility and convenience of the checkout experience, creating even more choice for consumers and differentiation for retailers and businesses.
Instant financing with lastminute.com is currently available in the UK.
Read the full article, published Business Leader, here