As per the press release, Worldpay from FIS is the first merchant acquirer to extend Visa Instalments as a payment option at checkout in the UK. Even more so, HSBC UK is the first card issuer to provide the new offering to its credit card customers.
The newly available payment option, Visa Instalments, allows Visa card issuers to grant their eligible cardholders adjustable and transparent instalment payment arrangements at the merchant’s checkout.
The launch is a response to the growing popularity of Buy Now, Pay Later (BNPL) in the UK. According to the 2023 Global Payments Report by Worldpay from FIS, BNPL accounted for a share of 8% of the total ecommerce spending in 2022. The new figures showcased in the report outline a noticeable surge in the popularity of BNPL among UK consumers, surpassing the 6% total ecommerce expenditure in 2021.
Apart from being introduced as a way for UK merchants of Worldpay from FIS to accept and receive online payments, the new offering reportedly seeks to cater to the needs of customers. As explained in the official statement, by being offered Visa Instalments, customers gain more choices in how they pay, and they have visibility over the repayment schedules.
One additional benefit of the new product is that customers can manage their money with their existing card issuer, without the need to open or monitor an additional account.
When commenting on the reasons behind the introduction of Visa Instalments, a representative from Worldpay from FIS outlined that the launch of such an offering is essential in the current economical context. As consumers seek flexible and convenient methods to pay, merchants have to adapt by catering to their needs and meeting the demand for instalment payments.
This is not the first time this year that Worldpay from FIS has partnered with other payment facilitators to extend new financial solutions to its UK customers.
Earlier in 2023, the global financial technology provider announced that it partnered with UK-based payment gateway Volt to enable merchants to accept Open Banking payments from customers.
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