New Zealand’s buy now pay later (BNPL) platform announced they want to make their “already easy to use platform” even easier this year.
Kiwi retail veteran Gary Rohloff, Laybuy co-founder and MD, said they have a number of innovations that they will roll out over the course of 2020.
“They are all in our development pipeline and designed to make our already easy to use platform even easier,” Rohloff said.
One of Laybuy’s most recent improvements was partnering with Mastercard for contactless payments for their Australia and New Zealand customers.
The deal allows customers to pay using their Laybuy account at any in-store retailer that accepts Mastercard’s contactless technology.
Laybuy has partnered through Mastercard’s Fintech Express program where Laybuy will utilise Mastercard’s technology to issue digital debit cards. Laybuy said this would benefit customers and Laybuy merchants with the improved in-store experience and quicker, more seamless transactions.
The digital debit Mastercard will integrate with the existing Laybuy App and offer integrated payment support for the majority of mobile devices, including iOS and Android.
Rich Wormald, division president of Mastercard Australasia, said Laybuy, the first Australasian Fintech Express in their program, is meeting an unmet need in the market by offering consumers the more flexible, interest-free alternative payment option.
“Laybuy never charges its customers interest and it has unmatched transparency of its fees, helping its customers take control of their finances,” the company said.
Laybuy said the partnership, which covers merchants who take Mastercard in both New Zealand and Australia, is effective now and they are looking to achieve the integration and go live in the first half of this calendar year.
“Our product is global, meaning our customer database is available to all our merchants so long as they are capable of shipping to NZ, Australia and the UK,” Rohloff said.
The platform, which officially launched in New Zealand in 2017, is currently used by more than 500,000 Kiwi customers. It launched in Australia in September last year and entered the UK in March, with retailers including FootAsylum and Alexachung on board, and plans to enter Europe and the US after Australia.
The platform enables merchants to easily sell to customers in all the markets it operates in via its Laybuy Global feature.