KUALA LUMPUR (March 10): Visa Inc has teamed up with payment service provider GHL Systems Bhd to enable Visa Instalments, which is a credit card instalment service of Visa that enables consumers to make purchase payments by instalments.
“As we move forward towards a digital-focused future, it is important that we continue to create products and solutions that meet the needs of our consumers and merchants,” said Amitoj Sawhney, head of products for regional Southeast Asia at Visa.
“The introduction of Visa Instalments for in-store purchases reinforces our commitment towards providing innovative, convenient and secure payment solutions for our valued cardholders,” he added in a statement on Thursday (March 9).
Visa said buy now, pay later (BNPL) solutions are gaining popularity. According to its Visa 2022 Consumer Payment Attitudes Study, at least two-thirds or 87% of Malaysian consumers used it for their shopping purchases.
Visa cardholders in participating banks can pay for their purchases in equal monthly instalments with more than 3,000 merchants both local and international brands.
Meanwhile, GHL Systems chief executive officer for Malaysia Kevin Lee said the partnership shows the two companies' commitment to empower both merchants and consumers, further promoting financial inclusion.
“This partnership not only enhances the consumers’ accessibility to financial services but also helps our merchants to increase conversion rates by providing flexible payment options.”
Existing GHL merchants that have enabled Visa Instalments for in-store purchases include Mentari Unggul Optic, Spex Optic Group, Boston Time Square Sdn Bhd, Glories Gadget, E Spec Boutique, Oxford Optical and other small and medium-sized enterprise merchants.