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.
When qualified shoppers use their ANZ Visa credit cards at the
in-store terminal or while shopping online at participating
merchants, they’ll be able to select a repayment term displayed on
the screen during the purchase process. Quest, a leading provider
of merchant payment technology, is working with Visa to enable
businesses to accept Visa Installments quickly and seamlessly -
merchants with Quest-integrated point-of-sale (POS) software will
not need to make any software changes to enable the solution.
With the Visa Installments Solution, participating lenders can
offer a more flexible range of repayment plans – from three months
to 24 months, with no interest in some cases– and customers can
view their installment purchases, balances and repayment
information directly in their existing banking apps.
This solution will be welcomed by Australian consumers, with a
recent Visa survey finding that 90% of participants showed a high
likelihood of using an installments option from their issuing bank,
and 85% saying installments would improve their relationship with
their card provider1.
“There is overwhelming demand in Australia for BNPL financing
through consumers’ existing, trusted financial institution,” said
Julian Potter, Visa’s Group Country Manager for Australia, New
Zealand, and South Pacific. “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.”
“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,” ANZ Head of
Cards and Personal Lending Mike Shurlin said. “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.”
“We have worked with Visa on a number of customer solutions in
the past, including a wide range of mobile payments and loyalty
solutions, and we share the same focus: making payments simple,
flexible and secure for our customers. We look forward to working
with Visa to bring this exciting new payment option to our
customers,” Mr Shurlin added.
“Quest is delighted to be working closely with Visa to offer
installment payments through our family of trusted payment
terminals, already used by many of Australia’s best known retail
brands. In making this available through our omnichannel payment
gateway solutions, retailers will be able to offer installment
payment options to their customers both online and in-store,” said
Luke Fuller, Head of SME and Alternative Payments at Quest.
About Visa Inc.
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 connected commerce on any
device, and a driving force behind the dream of a cashless future
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, https://usa.visa.com/visa-everywhere/blog.html
and @VisaNews.
About ANZ
ANZ is among the top four banks in Australia, the largest
banking group in New Zealand and Pacific, and among the top 100
banks in the world by market capitalisation. ANZ's history dates
back to 1835 with the Group operating in 32 markets globally with
representation in Australia, New Zealand, Asia, Pacific, the Middle
East, Europe, and America. ANZ provides a range of banking and
financial products and services to more than eight million Retail,
Commercial and Institutional customers, and employs more than
39,000 people worldwide. ANZ's strategy is focused on improving the
financial wellbeing of our customers; having the right people who
listen, learn and adapt; putting the best tools and insights into
their hands; and, focusing on those few things that really add
value to customers and doing them right the first time.
About Quest Payment Systems
With headquarters in Melbourne, Quest is an Australian owned
technology company providing a diverse and innovative range of
omnichannel payment solutions to businesses and financial
institutions, both locally and abroad. As the country’s leading
full-service payment solution supplier, delivering Australia’s only
locally designed and manufactured range of payment terminal
hardware, Quest delivers both mass market and custom solutions
drawing on over twenty years of development expertise. Quest’s
portfolio of solutions include countertop, unattended and mobile
payment terminal hardware, software, gift card and online payment
solutions, EMV smartcard, contactless, communications and
transaction routing solutions as well as bespoke hardware and
software design, professional consulting and manufacturing
services.
1 Research on installments solutions was commissioned by Visa
and conducted among Australian credit card holders online in
September 2020 by UX Army.
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Caylah Novak
cnovak@visa.com
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