Flexigroup has announced a new buy now, pay later (BNPL) innovation in partnership with Mastercard.
Named Bundll, the new product allows consumers to buy anything, anywhere, now, and pay later with no interest and no strings attached.
It is claimed to be the first of its kind to allow consumers to make everyday purchases with absolutely any business. From a bottle of milk, to a hamburger, or an Uber ride, to a trip to the hairdresser, Flexigroup says Bundll is perfect for bite-sized everyday purchases that used to be confined to debit cards or cash.
“Australians have not seen a product like Bundll before,” Flexigroup CEO Rebecca James said. “It’s like a debit card on steroids.
“By partnering with Mastercard we’ve created a new solution that will, for the first time, allow consumers to buy everything, everywhere, and pay later – interest free. Bundll is for savvy shoppers who want control over how they pay and when, with the ability to use it absolutely everywhere.
“Instead of monthly fees or charging interest, we’re making the banks pay. Bundll makes its money on the interchange fee – which banks charge each other for card-based transactions.”
How it works
Unlike other BNPL products, there’s no need for retailers to sign up for their customers to use the Bundll service. It is the same process for retailers as it is for Mastercard purchases.
Users simply download the Bundll app directly to their phone and register in a few simple steps.
After qualifying, users are given a digital Bundll Mastercard that you can use online in the same way you would use a credit card, or in person through ApplePay, Google Pay and other electronic wallets.
Use Bundll for all weekly purchases to bundle them into one place, says Flexigroup, and get up to two weeks to pay your Bundll.
It’s better for cashflow, explains Flexigroup, and there are no monthly fees, no interest, with no mark on your credit history.
Bundll was created in partnership with Mastercard with the aim of creating a completely new BNPL category that could be used by consumers anywhere Mastercard is accepted.
Bundll is said to be the only BNPL product in the market that can facilitate multiple payments up to $1,000 at any retailer that accepts Mastercard transactions.
Bundll is launching later this year. Consumers can join the waiting list here.