Mastercard on Tuesday introduced a new program called ‘buy now, pay later’ (BNPL), which will allow users to pay for online and in-store purchases through equal and interest-free instalments.

The Mastercard said that this instalments program will be available in markets across the United States, United Kingdom and Australia.

The company said that the Installments program builds on Mastercard’s investments in open banking will help to deliver a simple and convenient experience for users, merchants and lenders.

The company also said that it will work on the BNPL program with banks and fintech firms with Barclays’s U.S. unit, Fifth Third Bancorp, Marqeta, and SoFi Technologies, in the US, and Qantas Loyalty and Latitude in Australia.