View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
October 8, 2021

Visa partners with ANZ to launch BNPL offering in Australia

By Shalini mani

Visa has partnered with Australian banking group ANZ to launch its buy-now-pay-later (BNPL) offering, Visa Installments, in Australia.

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

The move will enable Australians to avail BNPL financing for their in-store and online purchases through their existing ANZ Visa credit cards.

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.

The 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.

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International