Visa has introduced a suite of instalment solutions APIs to provide the shoppers with additional flexibility with payments.
The instalment solutions will enable the Visa cardholders to divide their total payment into smaller equal amounts. Accordingly, they can complete the overall payment in instalments over a period of time.
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The facility will be available for in-store and online purchases as well as for making payments while traveling abroad.
Currently, Visa will carry out pilot programmes where participating merchants and issuers will offer cardholders with the instalment payment service. The users can use their existing Visa cards at the check-out to avail the service.
Visa senior vice president and global head of issuer and consumer solutions Sam Shrauger said: “Visa’s instalment capabilities are changing the game by allowing issuers to leverage an existing payment account consumers already have and are familiar with, instead of asking them to submit to a credit check, download an app or open another line of credit.
“We expect instalments to become a foundational method of payment at checkout for both domestic and cross-border commerce payment transactions.”
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By GlobalDataThe company is collaborating with clients around the world to pilot multiple instalment use cases. CyberSource will serve as a key payment management platform in these trials.
Additionally, MakeMyTrip integrated with Simpl platform, India’s Kotak Mahindra Bank, Alpha Bank, eMAG, Russian Standard Bank, ING Bank Romania and PayU in Romania, and Abu Dhabi Commercial Bank and Mashreq bank in the UAE are piloting the initiative.
Visa instalment solutions aim to simplify and streamline the instalment process currently offered at check-outs.
The merchants can now use cardholders’ existing relationships with their banks to offer the service through a single API-based integration.
Besides offering the shoppers with additional payment flexibility, the move is expected to help merchants improve sales.
