SAN FRANCISCO – (BUSINESS WIRE) – Visa (NYSE: V) makes it easier for buyers to choose the payment method before, during or after purchase with the introduction of an API suite of Visa’s installment payment solutions. Through a pilot program, participating issuers and merchants will be able to offer their customers a structured payment experience at checkout using a Visa card they already have in their wallet.
With Visa’s installment solutions, Visa cardholders will be able to divide the total amount of their purchases into smaller, equal payments over a defined period of time on eligible purchases, in-store and online, or while traveling. abroad1.
“Visa’s disbursement capabilities are a game-changer by allowing issuers to leverage an existing payment account that consumers already know, instead of requiring them to go through a credit check, download an app or ‘open another line of credit,’ said Sam Shrauger. , Senior Vice President, Global Head of Issuer and Consumer Solutions, Visa. “We expect that down payments will become a fundamental payment method at the checkout for domestic and cross-border commercial payment transactions. ”
Visa partners with customers around the world to drive a variety of disbursement use cases. CyberSource will be a leading payments management platform to support Visa’s disbursement capabilities for its participating merchant customers and acquiring partners who use CyberSource to enable global payments. In addition, MakeMyTrip integrated into the Simpl platform and Kotak Mahindra Bank in India, Alpha Bank, eMAG, ING Bank Romania and PayU in Romania, Russian Standard Bank in Russia and Abu Dhabi Commercial Bank and Mashreq Bank in the United Arab Emirates all pilot Visa payments. capabilities.
Visa’s remittance solutions aim to simplify today’s tedious and tedious remittance process at checkout for buyers and sellers. Today, online shoppers typically receive a deposit offer on the final payment screen. Consumers are then required to register with a designated provider, apply for a line of credit, and, if approved, use their funds for a particular purchase. Each time a consumer purchases from a different merchant that offers a different payout capacity, they must repeat the same process to obtain a new line of credit.
Now, merchants can leverage cardholder existing relationships with financial institutions to deliver Visa’s installment payment solutions at point of sale – online or in store – through a single API-based integration. This will ultimately help merchants increase sales, improve customer loyalty and overall cash flow, while providing their buyers with a frictionless checkout experience at checkout.
Globally, remittances represented $ 1.2 trillion in payment volume in 2017 and grew 15% year-over-year, twice as fast as credit cards.2 A recent study found that U.S. cardholders believe installment payments are useful for budgeting (74%) and alleviating the stress of large purchases (70%).3 Additionally, three in five (60%) of Millennials in the United States said they were interested in point-of-sale financing for large online purchases.4
While remittances have gained ground in the United States, they have also been a popular payment option internationally. In Brazil, one of the early adopters of installment payments, approximately 50% of all credit payment volumes are already in installments.5 In Canada, 41 percent of cardholders surveyed said they would consider using installment payments on purchases of $ 500 or more.6
Scheduled to be available to customers and partners in January 2020, Visa’s installment payment solutions will be one of the first new payment innovations available through Visa Next. Visa Next is a new destination for accessing new solutions in Visa’s product pipeline. For more information, please visit Visa Site Next. For more information on Visa Next and to partner with Visa to create and activate the next digital commerce experience, please visit http://www.visanext.com.
About Visa inc.
Visa Inc. (NYSE: V) is the global leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments worldwide and is capable of processing over 65,000 transaction messages per second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device, for anyone, anywhere. As the world shifts from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information visitAbout Visa, visa.com/blog and@VisaNews.
1Product is under development and availability will vary by country
2Euromonitor International, 2018.
3The Payments Report, Q1 2018. Installment plans, loans and balance transfers. Auriemma Consulting Group. April 11, 2018
4Source: National Ipsos survey conducted online in the United States in May 2017, n = 2,000 adults aged 18 and over
5The credit card remittance feature quantitative research project was commissioned by Visa and conducted by an independent research company, Ipsos, using an online panel of 2,108 consumers in June and July 2017.6ABECS (Associação Brasileira das Empresas de Cartões de Crédito e Serviços), November 2016 – September 2017. http://www.abecs.org.br/indicadores-graficos
6Visa Canada 2017 remittance research. N = 2,108 Canadians aged 18 to 65.