Standard Chartered Visa cards in Asia Pacific now offer Visa Instalment Solution, enhancing payment flexibility.
The Visa Instalment Solution will be quickly made available to Standard Chartered Visa credit cards in Asia Pacific through a regional cooperation between the payments giant Visa and Standard Chartered Bank.
Standard Chartered credit cards in Asia Pacific will have the freedom to select “Buy Now Pay Later” (BNPL) alternatives with Visa Instalment Solution, allowing consumers to divide repayments at the time of purchase at selected in-store or online retailers.
Credit cardholders using Standard Chartered Visas will be able to use this facility in Malaysia and Singapore starting next year thanks to this cooperation. Additionally, Standard Chartered disclosed its intentions to eventually enter other markets.
With the help of Visa’s Instalment Solution, a network solution, cardholders may pay for their purchases more conveniently by offering them a variety of ways to convert their existing credit lines into BNPL alternatives at checkout. The enhanced convenience and flexibility for cards may impact consumers’ purchasing decisions, perhaps leading to a rise in transactions at the point of sale.
“BNPL is an established, yet growing trend in Asia Pacific,” stated Serene Gay, group country manager for Visa in Singapore, Malaysia, and Thailand. Visa, a global leader in digital payments, is meeting customer demand for this financing option at the moment of purchase by providing a smooth instalment network solution.
Furthermore, we observe that banks understand the need of offering Visa Instalment Solution to their cardholders as a value-added service to improve their buying decisions and experience. We are thrilled to be collaborating with Standard Chartered to give Visa credit cardholders in the area flexible payback options, allowing them to choose how they want to pay for their online and in-store purchases.
Granting clients greater autonomy over payments
Since BNPLs are short-term loans with interest-free payback terms, borrowers can spread out the cost of their purchases over a maximum of 36 months by making even-numbered installment payments.
Standard Chartered’s global head of credit cards, personal loans, and personal banking, Manoj Piplani, added, “We are committed to delivering easy banking solutions with great client experience.”
Moreover customers of Standard Chartered in the area will be able to satisfy their lifestyle demands by dividing their payments into installments on a variety of Visa Instalment Solution-enabled online and in-store merchants thanks to this strategic relationship. Customers will have more influence over how they wish to be paid and the shopping experience will be enhanced by this straightforward, practical, and safe method.
Visa’s research on BNPL usage in its Asia Pacific Green Shoots Radar Regional Report indicates that BNPL platforms are becoming more well known throughout the region.
The generation that uses BNPL the most is millennial, then Gen X, then Gen Z. The promise of free or low-interest fees, along with reasonable monthly payment levels, have been the main drivers of this use.