National Australia Bank Debuts NAB Now Pay Later

National Australia Bank (NAB) customers will now be able to preregister for the new buy now pay later (BNPL) service, as the bank tries to give Australians more financial flexibility, a press release said.

This will allow customers to access up to $1,000, split purchases into four payments and use it anywhere Visa is taken. They’ll also be able to add NAB Now Pay Later to digital wallets and in-person payments.

The release said NAB’s offering doesn’t have any late fees, interest or account fees.

Rachel Slade, who works in executive personal banking with NAB, said there were likely more customers now than ever who wanted to take control of their money, numbering in the “hundreds of thousands,” according to research.

“It’s also safer than the alternatives as these are already our customers,” she said. “We know their banking and credit history and we’re assessing them based on our existing banking relationship. We know the way our customers are choosing to pay is changing and they’re demanding simple and easy to understand credit.”

She added that the integration will add the new service alongside others like transaction accounts.

See also: National Australia Bank Acquires Digital Health Claims Platform LanternPay

NAB also recently bought LanternPay, the digital health claims startup, which has played part of the battle for dominance in the health payments sector, which is set at $120 billion, PYMNTS reported.

LanternPay’s tech will cut down on administration work for doctors and medical practices, by providing claims for large insurance plans like Medicare, workers compensation and the National Disability Insurance Scheme, which gives $20 billion in payments a year.

NAB plans to use this company to make a Health Industry Claims and Payment Service app to let claims be made via mobile phones for practices without physical terminals.

Bank officials’ goal is to deliver healthcare to more customers who need help with loans and deposits.