Worldpay is the first merchant acquirer to offer Visa Instalments as an option at checkout in the UK whilst HSBC UK becomes the first card issuer in the UK to offer the service to its credit card customers.
Global financial technology leader FIS® has today announced a partnership with Visa to enable eligible Worldpay from FIS UK merchants to accept payments using the Visa Instalments checkout functionality for the first time.
Visa Instalments enables participating Visa card issuers to offer flexible and transparent instalment payment options to their eligible cardholders at the merchant’s checkout.
According to the recently released Worldpay from FIS 2023 Global Payments Report Buy Now Pay Later (BNPL) accounted for 8 percent of total e-commerce spend in 2022, up from 6 percent total e-commerce spend in 2021, cementing its popularity among UK consumers.
„With demand for BNPL and instalment payments growing, Visa Instalments provides a convenient way for UK merchants of Worldpay from FIS to accept and receive payments online. Importantly, this solution gives consumers more choice in how they pay online, by enabling a participating card issuer to provide a participating cardholder easy access to instalment payment options with clear repayment schedules shown at checkout – so the cardholder knows what they need to pay and when.” – according to the press release.
„The involvement of Visa card issuers like HSBC UK in this flexible and secure solution makes it simple and convenient for consumers to manage their money with their existing card issuer, without having to open or track another account.” – the company explains.
Pete Wickes, EMEA General Manager, Worldpay Merchant Solutions, FIS said: “With consumers looking for more flexible and convenient ways to pay, the need for instalment payments is growing across a broad range of industries and for a variety of goods and services, making it a business imperative to find effective ways for our merchants to accept payments from shoppers who wish to use this payment method.”
“We are thrilled to partner with Visa and their industry leading solution will help our merchants’ shoppers to have a better payment experience when using their Visa cards. By integrating Visa’s products at checkout our merchants will be even better placed to capture new revenue streams, helping them continue to grow into the future.”
Neil Caldwell, SVP Head of Merchant Sales & Acquiring, Europe at Visa said: “We’re delighted to have partnered with Worldpay and HSBC UK to offer the benefits of Visa Instalments Solution to UK customers. With many customers now looking for flexible payment options, this offering will provide them with the flexibility, control and security they need to manage their finances. Visa Instalments Solution uses existing lines of credit by integrating with consumers’ existing accounts, making it simple and convenient to manage their money, without having to open or track other accounts.”
Andrew Rankin, Head of Alternative Lending at HSBC UK said: “Offering our customers flexible, transparent and secure ways of borrowing is key to helping them manage their financial health. We’re excited to work with Visa and Worldpay from FIS to enable a more seamless online payment experience, with a regulated solution that will help customers make the most of their money now and in the future.”
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Worldpay enables merchants of all sizes to take, make and manage payments across channels, geographies and industries. Over one million merchants globally trust Worldpay solutions to power their in-store, online and mobile transactions, fight fraud, optimize authentication and tap into value-added services that boost commerce.
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Many more interesting quotes in the video below:
