AmBank’s Visa Credit Card Users Now Have Option for BNPL Paymentsby Fintech News Malaysia November 22, 2023 0 comments
AmBank has teamed up with Visa to offer a new instalment payment service to its credit card users in Malaysia. This service, known as Visa Instalments, allows cardholders to convert their eligible purchases into monthly payments.
The bank said that this initiative makes it the first Malaysian bank to implement such a service. It offers flexibility for customers, allowing purchases starting from RM300 to be spread over up to 36 months, with 0% interest on instalments.
This option is available for both in-store and online transactions at over 3,000 participating merchants nationwide, encompassing sectors such as fashion, jewelry, and electrical appliances.
Aaron Loo, Managing Director, Retail Banking, AmBank, said,
“Innovation remains at the heart of our strategy and has been demonstrated through our award winning AmOnline digital channel, the launch of Apple Pay and many others. Additionally, we hope that by offering our cardholders the ability to make instalment on their purchases will play a part in propelling the country’s economic growth.
The ability to offer Buy Now Pay Later solutions is timely as it will support not just our customers but the retail industry as well which plays a vital part to growing our economy. I am confident with the launch of this capability, we will see significant growth in retail spends.”
Ng Kong Boon, Visa Country Manager for Malaysia said,
“At Visa, we believe it is important to provide innovative, convenient, and secure payment solutions and drive digital payments usage in the country. We are pleased that AmBank has partnered us to introduce Visa instalments to our cardholders in the country.
We will continue working with more merchants and acquirers so that more Visa cardholders can use this solution both online and face-to-face in Malaysia.”