Visa is piloting an instalment payments service in Russia and is moving towards a commercial launch in the US, the payments network has announced.
“Visa’s instalment solutions are becoming a key element of Visa’s strategy to help our clients and partners give eligible consumers more flexibility to pay by simply using their existing Visa credit cards at checkout,” Visa says.
“Instalments are attractive to sellers, with many seeing an increase in average ticket size and average conversion rate when instalments are available as a payment option at checkout.”
The company says it launched instalments for purchasing goods with a Visa stand-alone instalment card called Svoboda in Russia in June.
Issued by Home Credit Bank, the service is available for purchases at home appliance retailer DNS’s store in Novosibirsk.
“Russian Standard Bank is the first acquirer to provide this innovative instalments service on Visa cards in Russia,” Visa says.
In the US, Visa is working with instalment payments specialists, processors and issuers to bring the solution to market.
Commerce Bank, for example, is piloting instalments “on a limited number of Commerce Bank Visa credit cards” ahead of a planned commercial rollout “in Fall 2020”
Visa is also working on the launch of “a number of pilots around the world”, it says.