HSBC Malaysia has launched Visa Instalments, a new credit option to establish fixed repayment terms for select purchases over a set period of time on e-commerce platforms.
The bank said that its Visa cardholders can now instantly select to pay for their purchases in equal instalments at participating merchant websites.
HSBC added that the instalment plans are offered with 0% interest-rate and range from 3 months for minimum purchases of RM300 and up to 36 months for purchases of RM2000 and above.
All instalment plans selected for the purchase amount within an eligible HSBC customers’ total credit limit will be approved automatically, with no new credit checks or additional lending required.
Cardholders will also be able to access Visa Instalments on international merchants’ e-commerce platforms by 2022.
Renee Bullock-Cann, Head of Wealth and Personal Banking, HSBC Malaysia said,
“HSBC seeks to deliver our customers a seamless, faster and flexible digital payment experience.
With Visa Instalments, we’re enabling this capability, as well as helping our customers fit their purchases into their budgeting plans to alleviate the stress of making large purchases upfront.”
Ng Kong Boon, Visa Country Manager for Malaysia said,
“Visa Instalments empowers consumers with an additional ability to choose how they pay upon checkout, and simplifies the current friction and time-consuming instalment process for buyers and sellers.
We’re pleased to share that HSBC is the first issuer in Asia to introduce this solution to our cardholders in Malaysia, allowing them to split their payment purchases at participating eCommerce merchants.”