First launched as a pilot in 2019, the solution has expanded to the US, Canada, Malaysia, Russia – and now, Australia
Visa has announced the expansion of Visa Installments in Australia in partnership with ANZ, one of the country’s largest financial institutions, and merchant payment provider Quest.
The Visa solution lets Australian shoppers access “Buy Now, Pay Later” financing via their existing ANZ credit cards, during checkout.
The Visa Installments Solution provides technology for issuers and acquirers in the Visa network to offer BNPL functionality to their customers. This means financial institutions can add BNPL as a feature for credit cardholders, on their already approved credit lines, in whatever terms are right for their customers.
And likewise, acquirers on the network can activate the ability to accept installments for any of their retailers that accept Visa.
When qualified shoppers use their ANZ Visa credit cards at the in-store terminal or while shopping online at participating merchants, they’ll be able to select a repayment term displayed on the screen during the purchase process.
Quest, a provider of merchant payment technology, is working with Visa to enable businesses to accept Visa Installments quickly and seamlessly – merchants with Quest-integrated POS software will not need to make any software changes to enable the solution.
With the Visa Installments Solution, participating lenders can offer a more flexible range of repayment plans – from three months to 24 months, with no interest in some cases– and customers can view their installment purchases, balances and repayment information directly in their existing banking apps.
This solution will be welcomed by Australian consumers, with a recent Visa survey finding that 90% of participants showed a high likelihood of using an installments option from their issuing bank, and 85% saying installments would improve their relationship with their card provider.
We’ve reported that PayPal announced an all-in-one personalized app.