Visa and Standard Chartered have agreed a regional partnership to use the card programme’s Visa Instalment Solution. Specifically, the agreement accelerates the seamless delivery of instalment payment options to Visa credit cardholders across markets in Asia Pacific.
With Visa Instalment Solution, the bank’s credit cardholders can choose Buy Now Pay Later options in Asia Pacific. This allows them to split purchase repayments at the point of purchase at participating in-store or e-commerce merchants.
Go deeper with GlobalData
BNPL facility launches in Malaysia-Singapore follows in 2024
With this partnership, Standard Chartered Visa credit cardholders can begin using this facility in Malaysia, and in Singapore next year. Standard Chartered also has plans to expand into additional markets thereafter.
Visa Instalment Solution is a network solution enabling existing credit lines to be converted into BNPL options at checkouts. This gives cardholders myriad ways to pay for their purchases more conveniently. The increased flexibility and convenience to cardholders could in turn influence consumers’ decision to purchase. The result is a potential increase in transactions at point of purchase.
BNPL a growing trend in Asia Pacific
Serene Gay, Group Country Manager Singapore, Malaysia Thailand, Visa said: “BNPL is an established, yet growing trend in Asia Pacific. As a world leader in digital payments, Visa is delivering a seamless instalment network solution. It addresses the growing demand of consumers for this financing option at point of purchase. Additionally, we see that banks recognise the value of incorporating Visa Instalment Solution as a value-added service to their cardholders to enhance their purchasing decisions and shopping experience.
“We are delighted to be working with Standard Chartered to empower Visa credit cardholders across the region. With repayment flexibility, they can decide how to pay for their purchases in-stores and online.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataFor cardholders, BNPL options give them the ability to split their purchases into equal monthly payments. As a short-term financing instrument, BNPL repayments are typically interest-free. This allows consumers to pay for their purchases over time (up to 36 months) in regular instalments.
According to Visa research on BNPL adoption, there is increasing awareness of BNPL platforms in the entire region. Highest usage is among millennial consumers, followed by Gen X and Gen Z. Such use has been mostly driven by affordable monthly payment amounts, no/low interest fees and easy set-up.
Elevating the retail experience
Manoj Piplani, Global Head, Personal Banking, and Credit Cards & Personal Loans, Standard Chartered added: “We are committed to delivering easy banking solutions with great client experience. With this strategic partnership, Standard Chartered customers in the region can split their payments in instalments on various Visa Instalment Solution-enabled online and in-store merchants to meet their lifestyle needs. This simple, convenient and secure approach will elevate the retail experience. And give customers the control on how they want payments to be made.”
