Visa is joining forces with ANZ to bring its instalment payments product to Australia, enabling the bank's credit card customers to buy now, pay later at the checkout.
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, a local merchant payment technology player, is working with Visa to enable businesses to accept Visa Installments quickly and seamlessly.
A recent Visa survey found that 90% of participants showed a high likelihood of using an instalments option from their issuing bank, and 85% saying instalments would improve their relationship with their card provider.
Another survey, conducted by Marqeta, has shown that three in four Australians have increased their use of BNPL products during the pandemic, making them the global leader in adoption when compared the UK and US.
Mike Shurlin, head, cards and personal lending, ANZ, says: “We are always on the lookout for products and services that add genuine value to our customers and the ability to make instalment payments is a key feature that many of them want.
“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.”