ANZ and Quest Payment Systems to launch Visa Installments, bringing popular buy now, pay later financing to credit card customers buying in-person or online – no extra form filling, no need for a new card or credit line
Visa (NYSE: V), the world’s leader in digital payments, today announced the expansion of Visa Installments in Australia in partnership with ANZ, one of the country’s largest financial institutions, and merchant payment provider Quest. The Visa solution lets Australian shoppers access popular “Buy Now, Pay Later” (BNPL) financing via their existing ANZ credit cards, during checkout and without any extra steps.
Visa’s fintech programs have been helping to enable the growth of installments globally since as early as 2017. With the Visa Installments Solution, Visa is now bringing the flexibility of BNPL financing that Australians love to the cards already in eligible consumers’ wallets and phones – for use during in-store and online checkout.
The Visa Installments Solution provides the underlying technology for issuers and acquirers in the Visa network to offer BNPL functionality to their customers. This means financial institutions can add BNPL as a feature for credit cardholders, on their already approved credit lines, in whatever terms are right for their customers. And likewise, acquirers on the network can activate the ability to accept installments for any of their retailers that accept Visa. First launched as a pilot in 2019, the solution has expanded to the U.S., Canada, Malaysia, Russia—and now, Australia.