Global provider of payments processing solutions i2c has announced their collaboration Visa. i2c has teamed up the digital payments to launch point of sale installments capabilities for their participating issuers in North America.
With this partnership, issuers and participating merchants have an accelerated path to Buy Now Pay Later (BNPL).
Visa Installments allows issuers to offer installment plans for their cardholders under their existing credit account lines. It also enables participating merchants to display the installment plans to eligible cardholders. This capability ultimately allows shoppers more choice and flexibility in how they pay for purchases.
Mary Kay Bowman, global head of buyer, seller, core and platform products at Visa, commented:
Customers love the flexibility of being able to pay over time with installments, as evidenced by the rapid growth in the space. At Visa, we’re working with partners like i2c to accelerate the distribution of more BNPL payment options for consumers, issuers and merchants around the world.
i2c issuers offering Visa credit cards will be able to provide their cardholders the choice to pay with installments during online checkout. This feature can be integrated into the point of sale experience and with it, cardholders can convert larger purchases into smaller equal payments made over time, allowing more for accessibility.
Ava Kelly, Global Head of Products of Silicon Valley-based i2c, a global Visa Ready and Fast Track member, said:
BNPL solutions have emerged as a must-have capability for both card issuers and merchants across the globe. We are thrilled to partner with Visa and to add Visa Installments to our existing BNPL product offering for our issuers and their cardholders.
Last month, Visa announced it has signed an agreement to acquire British cross-border payments provider Currencycloud for £700 million.
Independent writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.