FIS, Moneris, Global Payments, ANZ, CIBC, HSBC,
ScotiaBank and more rolling out Visa Installments Solution to their
customers, adding scale, brand trust and convenience to popular
financing option
Klarna signs global brand deal with Visa to
accelerate expansion and scale in several markets
As consumer demand for 'Buy Now, Pay Later' (BNPL) solutions
continues to grow, Visa (NYSE: V) today announced a growing list of
issuers, acquirers and fintechs that are leveraging Visa’s
technology — both its network-based Visa Installments Solution and
its longstanding fintech solutions — to bring ‘Buy Now, Pay Later’
options to their customers.
A recent Visa study found that nearly half of all global
consumers (42%) expressed interest in installment financing that is
offered on their existing credit card or one they could apply for.1
To help partners meet this demand, Visa Installments Solution is
being deployed globally to make issuer-offered BNPL options
available in-store and across ecommerce channels. With the
network-based solution, financial institutions can add BNPL as a
customized feature for credit card holders, on their already
approved credit lines. And likewise, acquirers on the network can
activate the ability to enable installments for any of their
retailers that accept Visa. First launched as a pilot in 2019, the
solution has expanded to Australia, Canada, Malaysia, Russia and
the U.S.
In North America, Visa is collaborating with Canada’s Moneris,
and working with CIBC, Commerce Bank, Desjardins Group
(Desjardins), Equinox Payments, i2c, ScotiaBank and Versapay. In
Asia Pacific, following the recent launch with HSBC, Visa is
rolling out installment programs with ANZ, GHL Systems Malaysia and
Quest Payment Systems. And in Russia, Visa has partnered with Home
Credit Bank and Russian Standard Bank. Visa is also working with
Cybersource, FIS, Global Payments and TSYS, a Global Payments
company, in several markets across the globe to enable the Visa
Installments Solution.
The global rollout of Visa Installments Solution complements
Visa’s existing support of today’s leading BNPL fintechs,
including: Afterpay, ChargeAfter, Klarna, Paidy, Sezzle, SplitIt
and Zip. Since 2017, Visa’s fintech solutions have helped fintechs
grow by: issuing digital credentials or virtual cards, so consumers
can seamlessly use installments at checkout; leveraging Visa’s
acceptance and reach with sellers; and taking advantage of the
security and risk offerings Visa provides. Additionally, this week
Visa announced that Klarna has signed a global brand deal with Visa
to accelerate its expansion and scale in several markets.
“For years, Visa has been enthusiastically embracing BNPL for
the same reason we pioneered revolving credit, debit and prepaid
decades ago: because it expands choice and convenience for buyers
and sellers alike,” said Mary Kay Bowman, SVP and global head of
payment and platform products, Visa. “If shoppers prefer a BNPL
fintech solution, we are here and enabling it; if they want an
option from their banks, we’re helping offer those too.”
Visa’s recent survey showed that future interest in installment
plans is high and outpaces current adoption in all countries
tested, underscoring the strong opportunity for BNPL usage looking
ahead.2 Research shows that when BNPL options are available at
checkout, retailers also benefit from an increase in spend and see
more shoppers completing their purchases.
“At HSBC we strive to bring new and innovative solutions to our
customers. We are excited to partner with Visa and be the first
bank outside North America to launch the Visa Installments
Solution, starting in Malaysia; announcing our entrance in the
digital Buy Now, Pay Later space,” said Madhu Kejriwal, Group Head,
Unsecured Lending & Partnerships, HSBC Wealth & Personal
Banking. “This feature facilitates point of sale purchases for HSBC
Visa credit card customers when they shop with partner merchants,
by allowing them to split payments into monthly instalments at no
additional cost and no credit application. We look forward to
continuing to innovate with Visa, including delivering on our
global BNPL strategy.”
“BNPL solutions have emerged as a must-have capability for both
card issuers and merchants across the globe. We are thrilled to
partner with Visa and to add Visa Installments to our existing BNPL
product offering for our issuers and their cardholders," said Ava
Kelly, Global Head of Products of Silicon Valley-based i2c, a
global Visa Ready and Fast Track member.
“We’re happy to be working with a trusted brand like Visa on
providing a Buy Now, Pay Later option to Canadians,” said Patrick
Diab, Chief Product and Partnership Officer, Moneris. “Bringing
flexible payment methods like Buy Now, Pay Later to our merchants
helps them offer their customers more options when it comes time to
pay.”
“We are very pleased to partner with Visa on BNPL,” said Craig
O’Neill, CEO of Versapay. “As a payment facilitator, we were able
to seamlessly onboard merchants into the Visa program, and as the
BNPL market matures, we see this becoming an attractive offering
for business to business commerce, an area Versapay intimately
knows and serves well.”
For more information on Visa Installments, visit:
https://usa.visa.com/partner-with-us/payment-technology/installments.html
About Visa
Visa Inc. (NYSE: V) is the world’s leader in digital payments.
Our mission is to connect the world through the most innovative,
reliable and secure payment network - enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around the
world, and is capable of handling more than 65,000 transaction
messages a second. The company’s relentless focus on innovation is
a catalyst for the rapid growth of digital commerce on any device
for everyone, everywhere. As the world moves from analog to
digital, Visa is applying our brand, products, people, network and
scale to reshape the future of commerce. For more information,
visit About Visa, visa.com/blog and @VisaNews.
1 Visa & Growth from Knowledge Survey, September 2021
(Results from 7-market global survey in Australia, Canada, Hong
Kong, Russia, U.S., U.K.)
2 Visa & Growth from Knowledge Survey, September 2021
(Results from 7-market global survey in Australia, Canada, Hong
Kong, Russia, U.S., U.K.)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211027005406/en/
Emily Scheer, Visa escheer@visa.com
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