Standard Chartered's Visa Instalment Plan

Visa and Standard Chartered Bank are joining forces to rapidly roll out a Visa Instalment Solution for Standard Chartered Visa credit cards in Asia Pacific. Customers using Standard Chartered credit cards in the Asia Pacific region will have the option to choose the "Buy Now Pay Later" (BNPL) alternative with Visa Instalment Solution, which will permit them to divide their payments when buying goods from selected in-store or online retailers. Standard Chartered Visa cardholders will be able to take advantage of this service in Malaysia and Singapore beginning in the upcoming year due to this agreement. Furthermore, Standard Chartered has declared their aim to ultimately expand into other countries. Visa’s Instalment Solution, a network solution, allows cardholders to take advantage of more convenient payment options at checkout by transforming their current credit lines into BNPL choices. This added convenience may appeal to consumers and encourage them to make more purchases at the point of sale. Serene Gay, the group country manager for Visa in Singapore, Malaysia, and Thailand, announced that BNPL is an established trend in the Asia Pacific region, and Visa, a premier digital payments provider, is currently meeting customer demand for such financing options by delivering a smooth instalment network solution. We are delighted to be working with Standard Chartered to offer Visa credit cardholders in the area more options when it comes to paying for their online and in-store purchases. Banks recognize the value of the Visa Instalment Solution in giving cardholders more control over their buying decisions and improving their overall shopping experience. By utilizing BNPLs, borrowers can spread out the expense of their buys over a maximum of 36 months with interest-free installment payments. Manoj Piplani, Standard Chartered's global head of credit cards, personal loans, and personal banking, asserted the bank's dedication to offering convenient banking solutions with excellent client experience. Apart from Standard Chartered customers in the region, this strategic relationship also provides the opportunity to avail of the convenient installment payment option at a variety of online and in-store merchants through Visa Instalment Solutions. This simple, practical, and secure method of payment gives customers greater control over their shopping experience, allowing them to spread the cost of their purchases into installments. Visa's research, reported in the Asia Pacific Green Shoots Radar Regional Report, demonstrates that BNPL platforms are becoming increasingly familiar in the region. Millennials are the demographic that take the most advantage of BNPL, followed by Gen X and Gen Z. The incentive of either no extra charge or a minimal one, coupled with appropriate instalment fees, has been a major contributory factor to this practice.

Source: https://medium.com/@markelitics2022/visa-instalment-standard-chartered-partnership-a341f2c43bca?source=rss------fintech-5