FIS, Moneris, Global Payments, ANZ, HSBC, CIBC, ScotiaBank and more rolling out Visa Installments Solution to their customers, adding scale, brand trust and convenience to popular financing option

Klarna signs a global brand deal with Visa to accelerate expansion and scale in several markets

San Francisco, October 31, 2021 – 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’ (BNPL) options to their customers. 

“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.

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 Group, 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.

“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,” continued Bowman. “It’s Visa’s role to continue to innovate, add value, and provide compelling experiences that give people choice in how they pay and get paid.”

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.

“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.”

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. 

Contact:

Caylah Novak, Visa

cnovak@visa.com

[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.)