Reportedly, Visa (V) has announced the expansion of Visa Installments in Australia in partnership with one of the country’s largest financial institutions, ANZ, and merchant payment provider, Quest. The solution allows Australian shoppers to access “Buy Now, Pay Later” (BNPL) financing via their existing ANZ credit cards.
The Visa Installments Solution provides the technology for issuers and acquirers in the Visa network to offer BNPL functionality to their customers, with financial institutions adding BNPL as a feature for credit cardholders, on their already approved credit lines, in suitable terms right for their customers.
Launched in 2019, the pilot solution has expanded to the U.S., Canada, Malaysia, Russia, and now Australia. Visa Installments Solution allows participating lenders to offer a flexible range of repayment plans, from three months to 24 months, with no interest in some deals. The customers can view their installment purchases, repayment information, and balances directly in their existing banking apps.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Its mission is to connect the world through the most innovative, reliable, and secure payment network – enabling individuals, businesses, and economies to thrive. Their advanced global processing network, VisaNet, provides secure and reliable payments around the world and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying its brand, products, people, network, and scale to reshape the future of commerce. To learn more about Visa (V) and to track its ongoing progress please visit the Vista Partners Visa (V) Coverage Page.)
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