Digital payments major Visa Inc. (V) announced Thursday the expansion of Visa Installments in Australia in partnership with Australia and New Zealand Banking Group or ANZ (ANZ), as well as Australian merchant payment provider Quest Payment Systems.
The Visa Installments Solution provides the underlying technology for issuers and acquirers in the Visa network to offer "Buy Now, Pay Later" or BNPL functionality to their customers.
Under the deal, the Visa solution will allow Australian shoppers access popular BNPL financing through their existing ANZ credit cards, during checkout and without any extra steps.
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 is working with Visa to enable businesses to accept Visa Installments quickly and seamlessly - merchants with Quest-integrated point-of-sale or POS software will not need to make any software changes to enable the solution.
The company noted that 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.
The Visa Installments Solution, first launched as a pilot in 2019, has expanded to the U.S., Canada, Malaysia, Russia-and now, Australia.
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