US-based digital banking and payment solutions provider i2c has teamed up with Visa to provide buy now pay later (BNPL) capabilities at the point of sale for participating issuers in North America.
i2c will leverage Visa Installments to enable participating issuers offering Visa credit cards to provide their cardholders an option to pay with instalments during online checkout.
Visa Installments is a payment technology developed by Visa to allow issuers to offer instalment plans for their cardholders under their current credit account lines.
It also enables participating merchants to display the instalment plans to eligible cardholders.
This capability enables cardholders to convert larger purchases into smaller equal payments made over time.
Visa global head of buyer, seller, core and platform products Mary Bowman said: “Customers love the flexibility of being able to pay over time with instalments, as evidenced by the rapid growth in the space.
“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.”
The partnership comes at a time when the BNPL is rapidly gaining popularity around the world.
Commenting on the development, i2c global head of Products Ava Kelly added: “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.”
Silicon Valley-based i2c is a global Visa Ready and Fast Track member.
Last November, the firm partnered with fintech firm Purewrist to enable contactless payments on wearables.
i2c’s platform will process the tap-and-go payments made with Purewrist GO wearable at near-field communication (NFC)-enabled devices.
This story was originally published on Electronic Payments International, part of the GlobalData network.