In a recent new partnership, lastminute.com, a UK-based online travel and leisure retailer, has enabled a new installment payment solution on its travel portal. Reports are that the UK-travel retailer has announced the solution in collaboration with Mastercard, a NY-based multinational financial services corporation, and Divido, a London, UK-based fintech company.
On the lastminute.com portal, the consumer can choose the financing option, by providing personal information and selecting the desired loan term, during the checkout process. If the consumer’s loan gets approved, the consumer can check out normally. All the consumer’s loan-related monthly payments and installments are automatically displayed, ensuring complete transparency.
Divido in its claims ensures retailers a 20% sale increase and a 15% average order value increase by retailing on its platform. Furthermore, the UK-based fintech offers lenders and payment providers licensing Divido’s technology to expand their loan portfolios, enabling them to grow their transaction revenues. With over 1000 network partners such as lastminute.com, Mastercard, BMW, and BNP Paribas, Divido has a strong market presence.
Speaking on this, Zahir Khoja, Senior Vice President – Global Acceptance, Mastercard, says, “Our partnership with Divido and lastminute.com gives travelers greater flexibility to book and pay when convenient for them.” Mastercard is seeking to offer new retail financing solutions “through partnerships such as 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”.
Christer Holloman, CEO, Divido, says, “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.”