CA-VISA-INC
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.)
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