Visa’s fintech programmes have been helping to enable the growth of instalments since 2017. With the Visa Instalments Solution, Visa is bringing BNPL financing to the cards already in eligible consumers’ wallets and phones for use during in-store and online checkout.
The Visa Instalments Solution provides the 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 terms that are right for their customers. And likewise, acquirers on the network can activate the ability to accept instalments for the 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. Merchants with Quest-integrated point-of-sale (POS) software will not need to make any software changes to enable the solution.
With the Visa Instalments Solution, participating lenders can offer a range of repayment plans, from three months to 24 months, with no interest in some cases and customers can view their instalment purchases, balances and repayment information in their existing banking apps.
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