Suncorp Bank enters buy now pay later market with Visa
Suncorp Bank has announced PayLater, its new interest-free Buy Now Pay Later (BNPL) offering which can be used to make payments at more than 70 million merchant locations worldwide, wherever Visa is accepted. In a first for the Australian market, Suncorp’s PayLater will include both a physical and digital Visa debit card, enabling an elevated experience for customers shopping in-store and online.
Available to Suncorp Bank customers from November via the Suncorp App, PayLater is designed to give customers more choice around how they pay, and at no additional cost to retailers.
Eligible customers will receive quick approval when they apply online or via the Suncorp App, giving them extra flexibility and certainty when making payments which are spilt over four instalments. The Bank’s assessment will include a credit check to determine customer eligibility.
“Some customers prefer to use credit cards, while others want simple, short-term payment options from a trusted and secure bank,” Suncorp Bank CEO Clive van Horen said.
“PayLater is available via the Suncorp App which can help you budget easily since everything’s in one place and there’s no need to download separate apps.”
Unlike some other banks offering digital-only BNPL, PayLater gives customers the option of a digital or physical PayLater Visa Debit card that can be used both in-store and online.
Customers will be able to use their green Suncorp Visa debit card to pay now from their Suncorp Bank account, or their yellow Visa Debit card for PayLater with repayments to be made in four equal instalments.
