Global digital payments firm Visa has announced its partnership with Malaysia-based payments company GHL Systems Berhad to enable Visa Instalments for in-store purchases, a first of its kind initiative in Asia Pacific.
Visa said in a statement that its instalment payment solution turns already approved issuer credit lines into buy-now-pay-later payment options at checkout for Visa cardholders.
Visa cardholders can now conveniently pay for their purchases in equal monthly payments at more than 3,000 participating merchant outlets featuring fashion, jewellery and electronic local and global brands.
Visa said this is timely given that Buy Now Pay Later (BNPL) solutions are gaining popularity in the country.
Cited the latest edition of Visa’s Consumer Payment Attitudes Study, Visa said at least two thirds (87 percent) of Malaysian consumers use BNPL for their shopping purchases.
The COVID-19 pandemic has impacted the spending patterns of consumers, who are tracking their expenses more closely, saving money for the future, and setting aside bigger budgets for essential items.
Based on the study, consumers cited ease of use (54 percent), not needing physical credit cards to make payments (47 percent), and no processing fees (45 percent) as top drivers for using BNPL solutions.
“As we move forward towards a digital-focused future, it is important that we continue to create products and solutions that meet the needs of our consumers and merchants,” said Amitoj Sawhney, Head of Products for Regional Southeast Asia.
“We’re thrilled to partner with GHL again, this time for in-store merchants, after the first rollout of Visa Instalments for eCommerce purchases,
“The introduction of Visa Instalments for in-store purchases reinforces our commitment towards providing innovative, convenient and secure payment solutions for our valued cardholders,” he added.
Kevin Lee, GHL Malaysia’s Chief Executive Officer, said that the group’s expanded partnership with Visa underscores its
commitment to empower both the merchant and consumer, further promoting financial inclusion.
“This partnership not only enhances the consumers’ accessibility to financial services but also help our merchants to increase conversion rates by providing flexible payment options,” he added.
Existing GHL merchants who have enabled Visa Instalments for in-store purchases include Mentari Unggul Optic, Spex Optic Group, Boston Time Square Sdn Bhd, Glories Gadget, E Spec Boutique, and other small and medium-sized enterprise (SME) merchants.
Visa is the world’s leader in digital payments. Its mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive.
Its advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second.
GHL is the leading payment acquirer in ASEAN for over 100 global and regional payment schemes and channels, processing over MYR1.5 billion ($330 million) payment transactions per month.
The firm is also a Bursa Malaysia listed company since 2003, and is Malaysia’s largest prepaid credit top up and bill collection network.
The firm aspires to catalyse sustainable livelihood of the micro small medium entrepreneurs (MSMEs) through financial and non-financial value-added services.
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