Laybuy launches ‘Tap to Pay’ digital BNPL Mastercard Card in Australia

SYDNEY: Laybuy announced the launch of its globally unique and innovative digital BNPL Mastercard card in Australia, allowing customers to purchase goods and services in-store using Laybuy with a simple tap of their smartphone.

Laybuy Managing Director Gary Rohloff says Laybuy’s digital Mastercard card allows consumers to enjoy all the benefits of Laybuy, while at the same time making use of Mastercard’s simple and secure contactless payment technology.

“Unlike other cards in the market, Laybuy’s digital card does not charge customers fees, interest or any monthly account fees, helping our customers save money,” says Rohloff. “Laybuy’s digital card will make using Laybuy in-store easier.”

Customers simply need to load the card into their smartphone’s wallet. They can then use it to buy goods and services with Laybuy in the same way they would if they were making a contactless payment using a physical card.

“Best of all, they’ll still enjoy all the benefits of using Laybuy, including spreading their repayments over six weeks and never, ever paying interest.” Rohloff says the Laybuy card is a win-win for both shoppers and retailers and allows retailers to enable Laybuy with unparalleled ease, making it even easier for them to introduce ‘Tap to Pay’ BNPL to their shoppers.

“The digital card makes it easier for customers to use Laybuy in-store because it allows them to skip a number of steps that are usually required when making purchases using BNPL,” says Rohloff.  “At the same time, it reduces the time required by merchant staff to process BNPL transactions, meaning they can focus less on admin and focus more on their customers.”

Rohloff says he expects merchants will see a range of benefits through the digital Laybuy Card.

“Experience tells us offering Laybuy as a payment option helps increase sales, lifts average basket sizes and helps merchants gain new customers. Because the digital card makes it easier for customers to use Laybuy, we have every expectation these benefits will only be amplified.”

The Laybuy card was conceived through Mastercard’s Fintech Express, a fast-tracked accelerator program that gives participants unprecedented access to Mastercard’s market-leading fintech resources and digital capabilities – enabling organisations to scale both domestically and internationally with ease. 

“Fintech Express is designed exactly for companies like Laybuy, who are not only growing rapidly, but delivering innovative products to the market,” says Kallan Hogan, Vice President, Fintech, Mastercard Australasia.

“Through Fintech Express, Mastercard worked closely with the team at Laybuy to understand their requirements and to quickly provide a digital-first payment solution that meets the needs of their customers, differentiates them in the marketplace and supports their growth strategy.”

“Mastercard is committed to developing products that make payments simple, smart and secure. That is why Mastercard is delighted to be partnering with Laybuy to provide solutions to make purchasing easier for their customers and merchant partners.”

Launched in 2017, Laybuy is a rapidly growing fintech company providing buy now, pay later services partnering with over 6,000 retail merchants. Laybuy is available in New Zealand, the UK and Australia. The unique, fully integrated payment platform is helping to revolutionise the way consumers spend. Laybuy is simple. Customers can shop now, receive their purchase straight away, and pay it off over six weekly payments without paying interest.

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