Global FinTech FIS and HSBC UK have partnered with Visa to enable online merchants to accept instalment payments in the UK.
Worldpay from FIS said that it is the first merchant acquirer to launch Visa instalments in the UK, while HSBC will also be the first card issuer in the UK to offer the service to its credit card customers.
The new service will allow HSBC to offer instalment payment options to eligible cardholders at merchant checkouts.
Users of the Buy Now, Pay Later (BNPL) service will be able to view their repayment schedules at the checkout stage.
According to the recently published Worldpay from FIS 2023 Global Payments Report Buy Now Pay Later accounted for eight per cent of total e-commerce spend in 2022, up from six percent total e-commerce spend in 2021.
“Offering our customers flexible, transparent and secure ways of borrowing is key to helping them manage their financial health," said Andrew Rankin, head of alternative lending, HSBC UK. "We’re excited to work with Visa and Worldpay from FIS to enable a more seamless online payment experience, with a regulated solution that will help customers make the most of their money now and in the future.”
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