Visa has partnered with Australian banking group ANZ to launch its buy-now-pay-later (BNPL) offering, Visa Installments, in Australia.
The move will enable Australians to avail BNPL financing for their in-store and online purchases through their existing ANZ Visa credit cards.
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During the purchase process, the qualified shoppers will be able to pick a repayment term displayed on the screen.
Visa group country manager for Australia, New Zealand, and South Pacific Julian Potter said: “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.”
ANZ head of cards and personal lending Mike Shurlin added: “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.”
Launched as a pilot in 2019, Visa Installments is available in the US, Canada, Malaysia, and Russia apart from Australia.
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By GlobalDataThe underlying technology of the solution enables issuers and acquirers in the Visa network to offer BNPL functionality to the shoppers.
In Australia, Quest is working with Visa to allow businesses to accept Visa Installments through its Quest-integrated point-of-sale (POS) software.
Quest head of SME and alternative payments Luke Fuller said: “Quest is delighted to be working closely with Visa to offer instalment payments through our family of trusted payment terminals, already used by many of Australia’s best known retail brands.
“In making this available through our omnichannel payment gateway solutions, retailers will be able to offer instalment payment options to their customers both online and in-store.”
Recently, Visa said that it is working to develop a universal payment channel that would interconnect multiple blockchain networks and facilitate transfer of digital currencies.
