i2c Expands Visa Partnership For BNPL At POS

Digital payment and banking infrastructure provider i2c is expanding its partnership with Visa to offer issuers buy now, pay later (BNPL) capabilities at the point of sale (POS), according to a press release on Tuesday (Aug. 17).

The collaboration between i2c and Visa is intended to give issuers and participating merchants a fast, easy way to offer BNPL while at the same time fostering a predictable buying and payments journey for cardholders. 

See also: From BNPL To Wallets, Rising Payment Options Create Clutter, Add Friction

Mary Kay Bowman, global head of buyer, seller, core and platform products at Visa, said the fast-paced acceleration of the BNPL space is a sign that “the flexibility of being able to pay over time with installments” is something customers want.

She added that Visa looks to team with companies like i2c to help drive the expansion of BNPL “for consumers, issuers, and merchants around the world.”

Read more: BNPL’s Next Burst Will Be For Business Purchases

Visa Installments was launched by Visa as a payments tech solution that would give issuers the ability to offer cardholders installment plans that align with a user’s existing line of credit. The solution also gives merchants the ability to market the payment option as a perk for eligible cardholders, according to the release. 

“BNPL solutions have emerged as a must-have capability for both card issuers and merchants across the globe,” i2c Global Head of Products Ava Kelly said in the release, which noted i2c is a global Visa Ready and Fast Track member.

Also read: i2c Chosen To Fuel Pakistan’s First Digital-Native Financial App

The partnership with Visa gives i2c issuers offering Visa credit cards the capabilities to offer BNPL at the POS during digital checkout. The option can be fully integrated into the POS user experience and gives cardholders the chance to pivot to smaller installment payments, per the press release. 

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BNPL has grown 85 percent over a 15-month period, according to a PYMNTS study earlier this month. It’s a payment option that is particularly popular with younger shoppers. More than half of the respondents — 55 percent — indicated that one reason they like BNPL so much is that it simplifies the payment process.