Visa has expanded its Visa installment program in Australia, partnering with financial institution ANZ as well as merchant payment provider Quest, which will help buyers access BNPL (buy now, pay later) financing, according to one. press release emailed to PYMNTS.
Buyers can use the option through their ANZ credit cards when paying in stores and online, the release said. The Visa Payments Solution will offer BNPL financing on cards they already use or have on their phone.
The program offers the underlying technology to issuers and acquirers in the Visa network so that they can make BNPL’s functions available to customers, the statement said. Financial institutions can add BNPL as a feature for credit cardholders on their approved lines of credit. During this time, acquirers on the network can accept installments for all retailers that take Visa.
Now, when buyers use their ANZ Visa cards at terminals or when shopping online, they will have the option of choosing a repayment term, the statement said. Quest is also working with the company to add the ability for businesses to accept Visa payments “quickly and transparently” so merchants don’t have to make changes to their systems to embrace it.
“There is an overwhelming demand in Australia for BNPL funding through existing consumer-trusted financial institutions,” Visa Group Country Director for Australia, New Zealand and the South Pacific Julien potter said in the press release. “We are proud to be working with our long-time partner, ANZ, on the first deployment of Visa Payments that was built from the ground up – at the network level – to be deployed in-store and across e-commerce channels without having to need for consumers or businesses to do something new. Now Australians’ credit cards can buy now, but also pay later. “
In other BNPL news, Target will work with Affirm to implement BNPL services at checkout for purchases over $ 100. Target will also work with Sezzle on BNPL as the holidays approach.
Read more: Target teams with Affirm, Sezle for BNPL