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.
A recent Visa study found that nearly half of all global consumers (42%) expressed interest in instalment financing that is offered on their existing credit card or one they could apply for. To help partners meet this demand, Visa Instalments Solution is being deployed globally to make issuer-offered BNPL options available in-store and across ecommerce channels.
“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,” said Mary Kay Bowman, SVP. “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. 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.