Visa releases BNPL APIs

Visa has released Buy Now, Pay Later (BNPL) APIs, which allow its credit card issuing partners to develop and pilot their own instalment payment programmes.

Card issuers will be able to choose the duration of the loans offered using the APIs, as well as the participating merchants and cards, interest, and fees.

Visa said its APIs can automatically check eligible plans for a transaction, and then convert it into a scheduled instalment plan.

The APIs will be initially available in the US, Malaysia, Canada, and Russia.

Visa has already signed up partners to its new API offering including Commerce Bank in the US and CIBC, Desjardins, and Scotiabank in Canada.

The news comes after PayPal entered the Australian BNPL market earlier this month, which sent shares of local BNPL players including After Pay and Zip Co. lower.

Unconfirmed sources reported by Bloomberg indicated that Apple is planning to launch a Buy Now, Pay Later (BNPL) service earlier this month.

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