humm group (ASX:HUM)
, a developer of consumer finance products, has entered into a joint venture with Red Bird Ventures, a subsidiary of Westpac New Zealand, to bring buy now pay later product bundll to the New Zealand consumer market.
Bundll is an app enabled by MasterCard. It has no minimum spend. It combines payments into instalments and allows a two-week interest-free repayment period. It can be used anywhere MasterCard is accepted, online and in store.
humm group CEO Rebecca James comments: "BNPL is one of the fastest growing segments of the financial industry, and with this new arrangement Westpac NZ will reap the benefits of having an innovative and customer driven BNPL offering without having to build the product themselves. This is our first deal under our strategic agreement with Mastercard and we are actively in discussions with a number of banks, loyalty programs and financial institutions about similar potential partnerships around the globe."
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are trading flat at $1.01.