New collaboration to provide a streamlined path to enable issuers with the ability to offer Buy Now, Pay Later (BNPL) capabilities at the point of sale
i2c teams up with Visa. (Credit: MBatty from Pixabay.)
i2c, a leading global provider of payments processing technology and digital banking solutions, today announced they are working with Visa, the world’s leader in digital payments, to launch point of sale installments capabilities for their participating issuers in North America. Through this new collaboration, issuers and participating merchants can have an accelerated path to Buy Now Pay Later (BNPL) promoting a consistent cardholder experience.
Visa Installments is a payment technology created by Visa that enables issuers to offer installment plans for their cardholders under their existing credit account lines, and for participating merchants to display the installment plans to eligible cardholders. With Visa Installments, shoppers may have more choice and flexibility in how they pay for purchases.
Through this collaboration, participating i2c issuers offering Visa credit cards will have the capability to provide their cardholders the choice to pay with installments during online checkout. This new capability can be integrated into the point of sale experience and offers cardholders the option to convert larger purchases into smaller equal payments made over time, helping to make everyday purchases more accessible.
“Customers love the flexibility of being able to pay over time with installments, as evidenced by the rapid growth in the space,” said Mary Kay Bowman, global head of buyer, seller, core and platform products at Visa. “At Visa, we’re working with partners like i2c to accelerate the distribution of more BNPL payment options for consumers, issuers and merchants around the world.”
“BNPL solutions have emerged as a must-have capability for both card issuers and merchants across the globe. We are thrilled to partner with Visa and to add Visa Installments to our existing BNPL product offering for our issuers and their cardholders,” said Ava Kelly, Global Head of Products of Silicon Valley-based i2c, a global Visa Ready and Fast Track member.
According to recent forecasts by Insider Intelligence, BNPL’s global rise in popularity is due to account for approximately $680 billion in transaction volume worldwide in 2025. Other projections like those by research firm CB Insights estimate the total U.S. BNPL volume could reach $1 trillion by 2025, or 10 to 15 times current levels.
Source: Company Press Release