On Thursday, digital payments powerhouse Visa announced the expansion of Visa Installments in Australia through a partnership with ANZ and Quest, a merchant payment provider.
The expansion will mean that Australian consumers can access the company’s ‘Buy Now, Pay Later’ (BNPL) feature through their ANZ credit cards. This can be done during checkout, without the need for extra steps.
The Visa Installments Solution provides the technology for issuers and acquirers within the Visa network to offer BNPL functionality to their shoppers.
Julian Potter, Visa’s Group Country Manager for Australia, New Zealand, and South Pacific, said:
There is overwhelming demand in Australia for BNPL financing through consumers’ existing, trusted financial institution.
We’re proud to work with our long-standing partner, ANZ, on the first roll-out of Visa Installments that has been built from the ground up – at the network level – to be deployed in-store and across ecommerce channels without the need for consumers or businesses to do anything new. Now Australians’ credit cards can buy now, pay later, too.
Australian customers that qualify for the feature can access it when purchasing items in-store or online and will be able to select a repayment term during the purchase process. They will also have the ability to choose various repayment options, ranging from three to twenty-four months. Moreover, in some cases, there will be no interest.
A recent Visa survey found that 90% of participants showed a high likelihood of utilising an instalments option, with 85% believing it would improve their relationship with the card provider.
Commenting on the announcement, ANZ Head of Cards and Personal Lending Mike Shurlin said:
We are always on the lookout for products and services that add genuine value to our customers and the ability to make installment payments is a key feature that many of them want.
Visa Installments ticks all the boxes in terms of its flexibility, security and ease-of-use, allowing us to add more optionality and create better experiences for our credit card customers.
Having gained a degree in economics, Alan entered the world of financial services starting his career in London and then moving to New York for a number of years. His first post at a City bank saw him establish a reputation as an forex trader. Having recently returned from New York after eight successful years, Alan is now a prosperous trader in his own right concentrating on commodities and forex.