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July 15, 2020

Visa commences installment payment trial in US

Visa has rolled out an installment payments pilot as part of its strategy to enable clients and partners in the US to deliver flexible payment options to end consumers.

As part of this pilot programme, Visa has selected global payments issuer Total System Services (TSYS) as its first installment solution provider at point-of-sale.

Among banks, Commerce Bank is the first bank in the US to issue the installment solution to select cardholders, with a full commercial rollout planned for later this year.

ChargeAfter, a consumer finance platform, has already signed two clients namely Street Photo and Tire Agent, who are offering Visa installment service to eligible buyers.

ChargeAfter is leveraging Visa’s global payment management platform Cybersource to equip its clients with the solution.

Additionally, an Illinois-based furniture retailer named ‘The RoomPlace’ is also offering Visa’s installment solution to its buyers.

Moreover, cloud commerce solutions provider Kibo Commerce will soon offer Visa’s installments via a customized app.

In a blog post, Visa said: “Visa’s installment solutions are becoming a key element of Visa’s strategy to help our clients and partners give eligible consumers more flexibility to pay by simply using their existing Visa credit cards at checkout.

“With Visa’s installment solutions, we are helping our issuer clients with several quick and elegant ways to respond to their customer demands for more choices in how they pay.”

These pilots follow the recent deployments of the Visa’s installment solution in Russia, making the US the second marketplace to join the ecosystem.

In Russia, private-retail bank Home Credit Bank (HCB) issued a Visa stand-alone installment card called ‘Svoboda’.

Other partners include DNS – a Siberia-based home-appliance retailer – and Russian Standard Bank (RSB), the first acquirer of the Visa’s installment service in the country.

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