Australian Consumers to Access Visa ‘Buy Now, Pay Later’ Feature

The financial digital payments giant, Visa (NYSE: V) announced on Thursday that has it expanded to Australia after inking a partnership with ANZ and Quest, a merchant payment provider. According to the press release, Australian shoppers will have access to the ‘Buy Now, Pay Later’ feature via their ANZ credit cards without taking any extra steps.

The product is available in eligible consumers’ wallets and phones for use during in-store and online checkout via participating merchants. Repayment plans range from three months to 24 months with no interest in some cases, Visa pointed out.

“There is overwhelming demand in Australia for BNPL financing through consumers’ existing, trusted financial institution. We’re proud to work with our long-standing partner, ANZ, on the first roll-out 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,” Julian Potter, Visa’s Group Country Manager for Australia, New Zealand and South Pacific, commented.

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Visa Survey in Australia

Also, Visa highlighted that a recent survey pursued by the US-listed payments giant unveiled that 90% of the participants in Australia showed a ‘high likelihood’ of using an instalments option from their issuing bank. “We are always on the lookout for products and services that add genuine value to our customers, and the ability to make installment 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,” Mike Shurlin, ANZ Head of Cards and Personal Lending, commented.

In July, Finance Magnates reported that Visa entered into a definitive agreement for the acquisition of Currencycloud, a UK-based business-to-business payments startup.