Visa has announced to add paying in installments, or having the option to pay in a set number of equal payments for something at the point-of-sale, is the latest convenience offered by Visa and welcomed by a majority of U.S. millennial.
Visa’s installment solutions are becoming a key element of Visa’s strategy to help our clients and partners give eligible consumers more flexibility to pay by simply using their existing Visa credit cards at checkout. Visa is working at an accelerated speed and sense of urgency to kick off pilots in the U.S. and unlock new ways for partners and clients to interact with shoppers by giving consumers more choices of how they pay.
TSYS, Global Payments Issuer Solutions business, will be the first issuer technology partner to offer Visa’s new installment solution at the point of sale where participating financial institutions can offer installment plans to their cardholders. Commerce Bank is the first bank in the U.S. to begin the installments pilot on a limited number of Commerce Bank Visa credit cards, leading up to commercial launch in Fall 2020. ChargeAfter is the first partner to launch Visa installments in the United States with two of clients, 42nd Street Photo and Tire Agent, who are now offering Visa’s installments solutions to their eligible U.S. buyers.
ChargeAfter is also working with Cybersource, Visa’s global payment management platform, to bring installments payment capabilities to Cybersource’s sellers worldwide. In addition, The RoomPlace is offering Visa’s installment solutions as a payment option for their eligible buyers. Sellers who work with Kibo Commerce will soon be able to offer Visa’s installments by deploying a customized app from Kibo’s marketplace.
