Visa and StanChart to make instalment payments more seamless for Malaysia credit cardholders
KUALA LUMPUR: Visa and Standard Chartered Malaysia (StanChart) are introducing the Visa Instalment Solution for Visa credit cardholders in Malaysia, allowing them to split purchase repayments at the point of purchase at participating instore or eCommerce merchants.
Cardholders will also be able to split their purchases for payment at overseas merchants and this feature will be made available later this year.
Through the Visa Instalment Solution, Malaysian Visa credit cardholders can enjoy the flexibility of choosing ‘Buy Now Pay Later (BNPL) options with 0% interest for their instalments on purchase amounts as low as RM300 for up to 12 months at more than 4,000 participating merchant outlets nation-wide.
Key e-commerce merchants include travel platforms Agoda, Firefly, Tan Boon Ming (TBM) and Nichii. Many in-store merchants are also accepting Visa Instalment Solution, including Love & Co, Solar Time, Travel For All, Naelofar, Thunder Match Technology (TMT) and others.
Ng Kong Boon, Visa Country Manager for Malaysia said, “In Malaysia, we have been working with various merchants and bank issuers to introduce Visa Instalment Solution for cardholders, offering them wider options for management of their finances.
“BNPL is gaining popularity in the region as a short-term financing instrument, and we want to provide this valueadded service to our cardholders to enhance their purchasing decisions and shopping
Under the strategic partnership with Visa, Standard Chartered credit cardholders in Malaysia can split their payments in instalments on various Visa Instalment Solution-enabled online and in-store merchants to meet their lifestyle needs.
Sammeer Sharma
experience. We are excited to partner with StanChart Malaysia and provide their cardholders the opportunity to use this solution.”
According to Visa research on BNPL adoption in its Asia Pacific Green Shoots Radar Regional Report, there is increasing awareness of BNPL platforms in the entire region, with highest usage among millennial consumers, followed by Gen X and Gen Z. Such use has been mostly driven by affordable monthly payment amounts, no/ low interest fees and easy setup.
Consumers used instalment options most 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.
Sammeer Sharma, managing director and head of consumer, private and business banking, StanChart Malaysia, said, “Under the strategic partnership with Visa, Standard Chartered credit cardholders in Malaysia can split their payments in instalments on various Visa Instalment Solution-enabled online and instore merchants to meet their lifestyle needs.
“Aligned with our commitment to deliver simple banking solutions with great client experience, this convenient but secure approach will help elevate their retail experience and give our clients control on how they want payments to be made.”