Mastercard and Verifone have launched a new payments capability, called Mastercard Instalments, which will help customers spread the cost of purchases over a period of time.

Mastercard Instalments offers customers more choice when purchasing big-ticket items at the checkout. And as one of the biggest payment terminal providers in the UK, Verifone is in the position to help roll out the new payments initiative.

"Verifone’s payment devices are used all over the country, so this is a big step forward to introducing Mastercard Instalments as a new way to pay," said Mark Barnett, president, Mastercard UK & Ireland. "This agreement gives us the ability to roll out the programme with retailers large and small throughout the UK.  We believe consumers will welcome this new way to pay, by easily spreading the cost of expensive items."

Mastercard Instalments has been build on the cloud-based Verifone Commerce Platform and the vendor has also developed a merchant app for the programme which offers flexible repayment options for consumers at the POS device in the store.