Payments giant Visa (NYSE: V) is reportedly set to enter the emerging installment payments sector. Visa’s management said the firm is currently working with several partners on various initiatives in the US.
Installment payments, where consumers at the point-of-sale are able to pay off their bill in several smaller payments, have become increasingly popular with customers, particularly the younger age group (such as Millennials).
Visa noted that the installments option might also benefit merchants or sellers, which often report seeing an increase in the number and amount of purchases being made (because it seems easier to pay off the bills in smaller payments).
Visa said it’s now preparing to test out an offering that allows qualified customers to make payments in installments by using their regular Visa credit cards when checking out.
Tsys, a company that aims to unlock flexible payment possibilities, had reportedly signed up to work with Visa as its first issuer technology partner. Commerce Bank will be testing out the installment system with a small number of customers. Fintech firm ChargeAfter, a global network that enables retailers to match their consumers with credit and financing offers, is notably the first partner to introduce Visa installments in the US with two clients (42nd Street Photo and Tire Agent).
Global fintech platform Nium (formerly known as InstaReM) announced on Tuesday it has expanded its Visa Card insurance service in Europe. This news comes just after Nium announced similar services in Australia.
Lloyds Bank is in the process of incorporating a new subscription management service within its banking app. The new service will be provided in partnership with Minna Technologies and Visa.
