Banking News

ANZ Partner Visa for BNPL Offering

ANZ Partner Visa for BNPL Offering

(11 October 2021 – Australia) ANZ is launching a new buy now pay later (BNPL) offering in partnership with Visa enabling credit card customers to purchase goods in instalments.

ANZ customers will be able to make interest free purchases online or over the counter with the option to repay the balance up to two years following the purchase subject to the repayment plan terms and conditions. Purchase history plus repayment information and balances can also be viewed through the ANZ mobile app.

Visa first launched its BNPL offering as pilot in 2019 before extending the solution to the United States, Canada, Malaysia and Russia.

The announcement follows similar planned releases by CBA with its BNPL solution “StepPay” and Suncorp’s release branded “PayLater” in what is rapidly becoming a crowded marketplace featuring incumbent leaders AfterPay and Zip Co.

“ANZ is looking to provide customers with flexibility in how they manage their purchases. We know many of our customers will use this option for certain purchases while choosing a standard credit card transaction for other items. Having that choice with no need for additional steps means they have a simple and secure feature through their existing card. We have partnered with Visa many times in the past and share a focus on building features that make customers’ lives easier while maintaining high security standards” commented ANZ Head of Cards and Personal Lending, Mike Shurlin.

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