Business Wire

Visa Helping Fuel ‘Buy Now, Pay Later’ Growth Around the World

Share

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, ScotiaBankand 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.)

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Emily Scheer, Visa
escheer@visa.com

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Soveren Lands Star-Studded $6.5M Seed Round, Including 11 Unicorn Founders, to Fight Privacy Incidents30.11.2021 09:00:00 CET | Press release

Today Soveren announced a $6.5M seed round, led by firstminute capital and joined by Northzone, 11 unicorn founders,and a group of global CEOs. The founders of Airbnb, Datadog, MuleSoft, Snyk, and Color invested alongside Sir Richard Branson’s family, the Chairman CEO of Palo Alto Networks, and others. “Soveren is addressing one of the key technology challenges of the decade: privacy and compliance for Engineering teams. Their product provides CTOs, CISOs, and Privacy Engineers with easy-to-use tools to detect and address privacy gaps. The calibre of their seed round speaks to the pedigree of founders, and to the size of the task ahead,” said Spencer Crawley, Co-Founding General Partner of firstminute capital. Holly Branson, Virgin’s Chief Purpose and Vision Officer said: “At Virgin, our customers mean everything to us and treating them with respect and with world class service is at the core of the entire Virgin ethos. The way we handle their personal information is an important exten

Partech Announces the Closing of Its Second Growth Fund, Partech Growth II, at $750M.30.11.2021 09:00:00 CET | Press release

Partech, the global technology investment firm has announced the closing of Partech Growth II, at €650M (c.$750M) in commitments, significantly above Partech Growth I, raised in 2015 at €400M. The fund, closed above its target size, has seen staunch support from 45+ institutional investors, endowments & foundations, pension funds, life insurers, asset managers and fund-of-funds, and 40+ prominent family offices, entrepreneurs, and business angels, from 10 countries in Europe, North America, and Asia, despite being a mostly remote fundraise due to the pandemic. The fresh capital has already been put to work in five companies in the Czech Republic, France, the Netherlands and Sweden. They include Rohlik - the Prague-based online grocer with full end-to-end operations including procurement, fulfilment, and last mile delivery; Paris-based Skello – the online scheduling and personnel management SaaS tool; Paris-based Rouje – the ultimate French digital native brand of women’s fashion; the A

VicTrack wins Aussie Broadband wholesale deal with ADVA FSP 300030.11.2021 09:00:00 CET | Press release

ADVA (FSE: ADV) today announced that VicTrack is leveraging its state-wide optical transport infrastructure built on ADVA FSP 3000 technology to provide Aussie Broadband with carrier-grade wholesale services. The flexible and fully redundant ROADM network enables VicTrack to easily share capacity. With ADVA’s open optical transport system, it provides VicTrack’s customers with unregenerated optical services between the furthest parts of the state, giving Aussie Broadband access to highly reliable connectivity throughout regional and metro Victoria. Designed for high-capacity and easy scalability, VicTrack’s infrastructure offers unique opportunities for communication service providers (CSPs) to reach new customers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211130005076/en/ ADVA’s open optical technology is helping VicTrack to easily roll out wholesale services. (Photo: Business Wire) “Enabling Aussie Broadband to connec

DE-CIX Expands to the Nordics in Cooperation With Bulk Data Centers30.11.2021 08:05:00 CET | Press release

DE-CIX, the world’s leading Internet Exchange (IX) operator and home to the largest carrier and data center neutral interconnection ecosystem globally, today announces its expansion to the Nordic region. DE-CIX has partnered with Bulk Data Centers, which will house DE-CIX IX platforms in Oslo, Norway (OS-IX), Kristiansand, Norway (Campus N01), as well as in Esbjerg, Denmark (Campus DK01). DE-CIX will also be opening IX platforms in Finland. DE-CIX’s expansion into the Nordic region will open the Nordics to international customers, providing 100 percent green-powered Internet Exchanges through Bulk’s data centers. In addition, local Nordic customers will now get faster and more efficient access to global internet exchange services. “The Nordic region comprises some of the world’s most highly developed digital markets,” says Ivo Ivanov, CEO of DE-CIX International, on the company’s expansion to Northern Europe. “However, the interconnection infrastructure available in the region does not

DE-CIX Expands to the Nordics: New Internet Exchanges for Norway, Denmark, and Finland30.11.2021 08:02:00 CET | Press release

DE-CIX, the world’s leading Internet Exchange (IX) operator and home to the largest carrier and data center neutral interconnection ecosystem globally, today announces its expansion to the Nordic region. DE-CIX will be opening IX platforms in Norway, Denmark, and Finland. “The Nordic region comprises some of the world’s most highly developed digital markets,” says Ivo Ivanov, CEO of DE-CIX International, on the company’s expansion to Northern Europe. “However, the interconnection infrastructure available in the region does not match the digital maturity of the economy in the Nordics. The region has seen significant growth in data center investments for the concentration of hosting, storage and cloud deployments, and a high concentration of enterprises and manufacturing presence. It is important for the related interconnection infrastructure to get closer to these investments, to serve the connectivity demands. DE-CIX has seen strong support from the Nordic data center community for our

Kyoto Semiconductor Announces KP-M Monitor Photodiode "KPDE008LS-A-RA-HQ"30.11.2021 08:00:00 CET | Press release

Kyoto Semiconductor Co., Ltd. (President and CEO Tsuneo Takahashi, Head office: Fushimi-ku, Kyoto city), a leading optical device solution manufacturer with world-class technologies and Japanese quality, has announced the new KP-M monitor photodiode, KPDE008LS-A-RA-HQ. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211129005809/en/ Kyoto Semiconductor KP-M Monitor Photodiode KPDE008LS-A-RA-HQ (Photo: Business Wire) KP-M monitor photodiodes are used to monitor the laser output of optical communication equipment. Higher quality devices are required as the expansion of digital transformation and 5G communications progresses. The "KPDE008LS-A-RA-HQ" has achieved higher quality by adding the probing process at higher temperature. A new wafer prober*1 has been introduced to inspect the electrical characteristics of semiconductor wafers while heated to high temperatures. This allows the inspection to test the temperature (T=75℃) cl

TMD Security Launches Next Generation Key-less Lock Solutions for ATM Safe, Top Box and Access Doors30.11.2021 07:00:00 CET | Press release

TMD Security, global leader in high security ATM and branch access management, announced today the launch of its in-house R&D developed intelligent lock solutions for all types of access points. TMD key-less lock solutions for ATMs and access doors are integrated into TMD High Security Access Management which centrally manages all users and locations with one process and a real-time audit trail. Access for service engineers, branch staff and Cash-in-Transit (CIT) teams is scheduled and pre-approved. At the time of access, user and lock credentials are instantly checked and if correct, an encrypted One Time Code (OTC) is sent directly to the lock via the mobile app. TMD ATM safe lock is unique because the security and intelligence are inside the Lock Controller, located inside the safe behind the door. The OTC is sent directly to the Lock Controller via the mobile app. With no need for a keypad, the Lock Controller is an ‘invisible’ lock for the safe or access door. TMD’s user-friendly

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom