The bank unveiled the new product in September 2021 and has billed it as a ‘pay later debit card’, which has been reported to be more like a credit card that charges no interest or ongoing fees.
The service called ‘PayLate’ is available at around 70 million locations globally, or wherever Visa is accepted, and the service would be integrated into the bank’s existing account services.
Suncorp is the latest bank to move into BNPL as consumers shift from traditional credit, with Commonwealth Bank partnering with Klarna, and Westpac signing a deal with Afterpay to create a mobile banking app.
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