Visa Installments Expands to Australia, Offering New Way to Buy Now, Pay Later
October 07, 2021 at 07:00 am EDT
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Visa announced the expansion of Visa Installments in Australia in partnership with ANZ. The Visa solution lets Australian shoppers access popular “Buy Now, Pay Later” (BNPL) financing via their existing ANZ credit cards, during checkout and without any extra steps. Visa’s fintech programs have been helping to enable the growth of installments globally since as early as 2017. With the Visa Installments Solution, Visa is now bringing the flexibility of BNPL financing that Australians love to the cards already in eligible consumers’ wallets and phones - for use during in-store and online checkout. The Visa Installments Solution provides the underlying 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 whatever terms are right for their customers. And likewise, acquirers on the network can activate the ability to accept installments for any of their retailers that accept Visa. First launched as a pilot in 2019, the solution has expanded to the U.S., Canada, Malaysia, Russia—and now, Australia. 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. Quest, a leading provider of merchant payment technology, is working with Visa to enable businesses to accept Visa Installments quickly and seamlessly - merchants with Quest-integrated point-of-sale (POS) software will not need to make any software changes to enable the solution.
Visa, Inc. specializes in issuing and marketing payment cards. The group's activity is organized essentially into two areas:
- sales of means of payment: credit cards, debit cards, on-line payment cards, prepaid cards, etc. (Visa, Visa Electron, PLUS, Interlink and V PAY names);
- services: consulting and assistance services, information services, partner network management services, etc.
56.7% of net sales are generated abroad.