Standard Chartered & Visa streamline installment payments for APAC credit cardholders
By Gloria Mathias
Visa and Standard Chartered have entered a regional partnership to accelerate the seamless delivery of installment payment options to the bank’s Visa credit cardholders across markets in Asia Pacific using the Visa Instalment Solution.
With Visa Instalment Solution, the bank’s credit cardholders will have the flexibility to choose “Buy Now, Pay Later” (BNPL) options in Asia Pacific, allowing them to split purchase repayments at the point of purchase at participating in-store or eCommerce merchants.
With this partnership, Standard Chartered Visa credit cardholders can begin using this facility in Malaysia and Singapore next year.
Visa Instalment Solution is a network solution that enables existing credit lines to be converted into BNPL options at checkouts, giving cardholders myriad ways to pay for their purchases more conveniently.
Serene Gay, Group Country Manager for Singapore, Malaysia, and Thailand at 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 to address the growing demand of consumers for this financing option at the point of purchase. We are delighted to be working with Standard Chartered to empower Visa credit cardholders across the region with repayment flexibility so that they can decide how to pay for their purchases in-store and online.”
For cardholders, BNPL options give them the ability to split their purchases into equal monthly payments, thereby offering wider options for the management of their finances. As a short-term financing instrument, BNPL repayments are typically interest-free, allowing consumers to pay for their purchases over time (up to 36 months) in regular instalments.
Manoj Piplani, Global Head of Personal Banking and Credit Cards & Personal Loans at Standard Chartered, said, “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.”
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