BNPL Payment Option Now Available for StanChart Visa Credit Cardsby Fintech News Singapore November 28, 2023
Facilitated by the Visa Instalment Solution, this allows cardholders to select BNPL options at participating merchants, both in physical stores and online.
The service is currently available in Malaysia and is expected to expand to Singapore next year, with plans to extend to additional markets in the future.
The Visa Instalment Solution is designed to integrate with existing credit lines, offering cardholders various ways to finance their purchases at the point of sale.
This BNPL facility enables customers to divide their purchases into equal monthly payments, often without incurring interest, for for longer repayment periods, up to 36 months.
Serene Gay, Group Country Manager for Singapore, Malaysia and 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 to address 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.”
Manoj Piplani, Global Head, Personal Banking, and Credit Cards & Personal Loans, Standard Chartered said,
“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.”