Suncorp taking on BNPL market with Visa partnership

Suncorp taking on BNPL market with Visa partnership

Suncorp Group (ASX: SUN) is the latest financial services giant to tap into the buy-now pay-later (BNPL) craze made popular by the likes of Afterpay (ASX: APT) and Zip Co (ASX: Z1P), after announcing its entrance into the market today in partnership with Visa.

Called PayLater, Suncorp Bank’s BNPL offering can be used to make payments wherever Visa is accepted and will be available to all existing customers of the bank from November via its app.

Eligible customers will receive quick approval when they apply for a PayLater account, with the bank’s assessment to include a credit check.

The BNPL product will be interest-free, will not charge merchants additional fees, and gives users a limit of $1,000 once eligibility is determined by Suncorp.

“Some customers prefer to use credit cards, while others want simple, short-term payment options from a trusted and secure bank,” Suncorp Bank CEO Clive van Horen said.

“This solution is also a win for Australian businesses, many of whom are doing it tough right now as we learn to live with COVID-19.

“Our PayLater offering eliminates additional costs to those businesses who are currently paying millions of dollars in traditional BNPL fees.”

PayLater will also offer customers the option of a digital or physical PayLater Visa Debit card that can be used both in-store and online.

Visa group country manager for Australia, New Zealand and South Pacific Julian Potter said the payments provider was excited to partner with Suncorp.

“The Buy Now Pay Later sector is rapidly evolving as consumers increasingly look for flexibility and choice in the way they pay, both in-store and when shopping online,” Potter said.

“We’re excited to partner with Suncorp to deliver a seamless and secure digital payment experience that offers customers the convenience of paying in instalments anywhere Visa is accepted and enables more businesses across Australia to grow.”

Shares in SUN are down 0.63 per cent to $12.59 at 10.27am AEST.

Get our daily business news

Sign up to our free email news updates.

 
Unpacking equity: Finding your funding fit
Partner Content
Armed with a growing business and a great opportunity, a business owner’s next challe...
Australian Business Growth Fund
Advertisement

Related Stories

Meta slammed over "dereliction" of commitment to Australian news

Meta slammed over "dereliction" of commitment to Australian news

The decision by Meta (NASDAQ: META) to "deprecate" the Fa...

AF Legal acquires Armstrong Contested Wills & Estates in deal worth up to $3.75m

AF Legal acquires Armstrong Contested Wills & Estates in deal worth up to $3.75m

A year on from the failure of an $11 million merger with Go to Cour...

GreenCollar buys into EnergyLink Services to tackle agribusiness decarbonisation

GreenCollar buys into EnergyLink Services to tackle agribusiness decarbonisation

Environmental markets project developer GreenCollar has made a stra...

ASIC tips ‘ASX Wolf’ Tyson Scholz into bankruptcy over $500,000 in court costs

ASIC tips ‘ASX Wolf’ Tyson Scholz into bankruptcy over $500,000 in court costs

Social media ‘finfluencer’ Tyson Scholz, widely known a...