Photo by Cytonn Photography via Unsplash.

Standard Chartered teams up with Visa to offer BNPL to cardholders

They can now split purchase repayments for up to a 36-month period.

Standard Chartered and Visa have inked a regional partnership to deliver instalment payment options, including buy now pay later (BNPL), to the bank’s Visa cardholders in the Asia Pacific.

With the Visa Instalment Solution, cardholders can now choose to split purchase repayments into equal monthly payments. These repayments are typically interest free, and may be spread out over a 36-month period.

Cardholders can opt to avail of the BNPL option at the point of purchase at participating in-store or e-commerce merchants in Malaysia. Services will be rolled out in Singapore by 2024, and more markets will be added in due course.

In a study, Visa noted that consumers preferred to use instalment options to buy personal electronics, household electronics, luxury goods, personal shopping and furniture. 

Options offered by banks and credit cards were most popular, followed by non-bank players such as retailers and BNPL brands.

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