Visa has expanded its Visa Installments program in Australia, partnering with financial institution ANZ as well as merchant payment provider Quest, which will help shoppers access buy now, pay later (BNPL) financing, according to a press release emailed to PYMNTS.
Shoppers can use the option via their ANZ credit cards during checkout in stores and online, the release stated. The Visa Installments Solution will offer BNPL financing on the cards they already use or have on their phones.
The program offers the underlying tech for issuers and acquirers in the Visa network so that they can make BNPL functions available to customers, according to the release. Financial institutions can add BNPL as a feature for credit card holders on their approved credit lines. Meanwhile, acquirers on the network can accept installments for any retailers that take Visa.
From now on, when shoppers use their ANZ Visa cards at terminals or while shopping online, there will be an option for them to choose a repayment term, the release stated. Quest is also working with the company to add the ability for businesses to accept Visa Installments “quickly and seamlessly” so that merchants won’t have to make any changes to their systems in order to adopt it.
“There is overwhelming demand in Australia for BNPL financing through consumers’ existing, trusted financial institution,” Visa Group Country Manager for Australia, New Zealand and South Pacific Julian Potter said in the release. “We’re proud to work with our long-standing partner, ANZ, on the first rollout 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.”
In other BNPL news, Target will be working with Affirm to implement BNPL services at checkout for purchases more than $100. Target will also be working with Sezzle on BNPL as the holidays approach.
Read more: Target Teams With Affirm, Sezzle for BNPL