National Australia Bank launches NAB Now Pay Later

By Leandra Monteiro

NAB customers can now pre-register for early access to its new NAB Now Pay Later product in the bank’s latest move.

With NAB Now Pay Later, customers will be able to access up to $1,000, split purchases into four payments, use it anywhere Visa is accepted and add NAB Now Pay Later to their digital wallets for online and in person payments. Unlike other instalment payments or pay-in-four products, NAB’s offering has no late fees, no interest and no account fees.

National Australia Bank, Group Executive, Personal Banking, Rachel Slade said, “Hundreds of thousands of NAB customers are using installment payment services so we’ve created NAB Now Pay Later to make this option simple and digital for them”.

“It’s also safer than the alternatives as these are already our customers. We know their banking and credit history and we’re assessing them based on our existing banking relationship. We know the way our customers are choosing to pay is changing and they’re demanding simple and easy-to-understand credit. With NAB Now Pay Later integrated into the NAB app, it will be visible alongside other NAB products like transaction accounts. We’re giving customers more flexibility, choice, and control to manage all of their everyday banking needs in the one place.”

NAB Now Pay Later has been built for mobile with a range of new technology, including instant credit decisions and safety and security features. Customers can apply and access the product in minutes.

“In the time it takes for a customer to go from the fitting room to the register, we’ve assessed their application, undertaken a credit check and opened an account with a virtual card so they’re ready to purchase,” Slade said.

“We’re able to do this quickly because of the combination of technology and knowing our customers. The virtual card also features biometric fraud detection and a dynamic CVV that refreshes regularly to protect customers from fraud and theft. Customers who pre-register for NAB Now Pay Later via the National Australia Bank website will get first access to apply for the product from its expected release in July.”

“Customers will be able to activate NAB Now Pay Later via their mobile where a credit check will be completed. This will ensure customers can have the confidence to appropriately manage their repayments, both today and in the future,” she added.