189 Visa and Standard Chartered have formed a regional partnership aimed at expediting the seamless delivery of installment payment options to the bank’s Visa credit cardholders across Asia Pacific markets using Visa’s installment solution. This collaboration introduces the flexibility of “buy now pay later” (BNPL) options to Standard Chartered’s credit cardholders in the Asia Pacific region. This means they can split purchase repayments at the point of purchase, whether at participating in-store or eCommerce merchants. The initial rollout will take place in Malaysia, with plans to extend the service to Singapore next year, followed by additional markets. The Visa installment solution acts as a network solution, seamlessly converting existing credit lines into BNPL options at checkouts. This provides cardholders with various ways to conveniently pay for purchases, potentially influencing consumer decisions at the point of purchase and boosting transactions. Serene Gay, Group Country Manager for Singapore, Malaysia, and Thailand at Visa, noted, “BNPL is an established, yet growing trend in Asia Pacific. As a world leader in digital payments, Visa is delivering a seamless installment network solution to address the growing demand of consumers for this financing option at the point of purchase.” The BNPL options offered by this partnership enable cardholders to split purchases into equal monthly payments, expanding their choices for financial management. Typically interest-free as a short-term financing instrument, BNPL repayments allow consumers to spread payments over time, up to 36 months, in regular installments. Visa’s research indicates a rising awareness of BNPL platforms in the Asia Pacific region, with millennials being the highest users, followed by Gen X and Gen Z. The appeal is driven by affordable monthly payment amounts, no or low-interest fees, and easy setup. Consumers predominantly use installment options for purchasing personal electronics, household electronics, luxury goods, personal shopping, and furniture. Bank and credit card offerings are the most popular, followed by non-bank players like retailers and BNPL brands. Manoj Piplani, Global Head of Personal Banking, Credit Cards, and Personal Loans at Standard Chartered, expressed the bank’s commitment to delivering easy banking solutions and a great client experience. The partnership aims to provide Standard Chartered customers in the region with the ability to split payments in installments across various Visa installment solution-enabled merchants, enhancing the retail experience and giving customers control over their payment preferences. You Might Be Interested In Antero Midstream: Distribution Increase Could Be Next Catalyst Empowering Tomorrow’s Financiers: Unveiling the Transformative Role of Fintech in Student Financial Wellness Former Central Bank Governor Godwin Emefiele Faces $6.2 Million Fraud Charges BiB Exchange expands into Asia with Singapore office launch Peso weakens anew vs dollar ahead of US inflation report Expedia Group’s Hari Nair Joins Brand USA Board to Promote U.S. Tourism