ANZ has announced a collaboration with Visa to introduce a new feature for credit card users, allowing them to pay for purchases in instalments. This initiative aims to offer a straightforward and secure payment method.
The upcoming Visa Instalments feature will enable ANZ credit cardholders to choose interest-free instalment payments at checkout or online. This option will be available across various terms.
Mike Shurlin, ANZ Head of Cards and Personal Lending, stated, “We want to provide our customers with flexibility in how they manage their purchases, which is why we are pleased to work with Visa on launching this new feature."
He added that the option allows customers to decide between instalment payments and standard credit card transactions without additional steps. "Having that choice with no need for additional steps means they have a simple and secure feature through their existing card," Shurlin said.
Shurlin also emphasized the ongoing partnership with Visa, noting their shared commitment to enhancing customer experience while ensuring security standards. “We have partnered with Visa many times in the past and share a focus on building features that make customers’ lives easier while maintaining high security standards,” he said.
Julian Potter, Visa’s Group Country Manager for Australia, New Zealand, and South Pacific, expressed enthusiasm about the partnership: “We’re delighted to partner with ANZ to expand Visa Instalments to Australia, bringing ANZ credit card holders the flexibility and convenience of instalment payments in-store and across e-commerce channels, without them needing to do anything new.”
Quest Payment Systems, a merchant payment provider, has agreed to participate in this rollout. ANZ anticipates more merchant terminal operators will join as well.
The new instalment payment option is expected to be available for customers during the 2022 calendar year.