Secure point-of-sale solutions leader Verifone has partnered with MasterCard to roll out a new installment pay application to retailers across the UK, enabling consumers to pay for large purchases over time.

MasterCard Installments is the first app of its kind in Britain, and will launch on selected Verifone payment terminals across the UK in January, before being expanded to other shops across the country.

Eligible customers will be approved by their bank or credit card provider, and will be given the option of paying for purchases in fixed monthly installments when they insert their card into Verifone terminals.

The app provides information on interest rates that will be charged, in line with the terms of the loan, and aims to provide consumers with a more streamlined and flexible way of paying for items over time.

“Working with MasterCard, we are bringing flexible payment acceptance to merchants and smarter purchasing options to shoppers at the POS where they can experience ease and choice to fit their lifestyles,” said June Felix, president of Verifone Europe.

Verifone is one of the global leaders in secure electronics payment solutions, active in 150 countries and with over 26m systems installed globally.

“Verifones payment devices are used all over the country, so this is a big step forward to introducing MasterCard Installments as a new way to pay,” said Mark Barnett, president of MasterCard UK & Ireland. “This agreement gives us the ability to roll out the program with retailers large and small throughout the UK. The response to pilots we already have underway has been overwhelmingly positive.”