Suncorp Bank enters buy now pay later market with Visa
Suncorp Bank has today 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."
This solution is also a win for Australian businesses, many of whom are doing it tough right now as we learn to live with COVID-19.Clive van Horen, CEO Suncorp Bank
Our PayLater offering eliminates additional costs to those businesses who are currently paying millions of dollars in traditional BNPL fees.
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.
Suncorp PayLater features include:
• Available via the Suncorp App.
• Can be used at more than 70 million merchant locations worldwide, wherever Visa is accepted.
• No additional merchant fees.
• Comes with a separate yellow PayLater Visa debit card. To make it simple for customers, the physical and digital PayLater card is yellow, whilst the ‘pay now’ card is green.
• A limit of $1,000 once eligibility is determined by the Bank.
• Available for purchases higher than $50, with four easy fortnightly instalments.
• A card for your digital wallet and a physical card made from 82% recycled material. The remaining 18% is made with antenna inlay that cannot be made from recycled materials for security and integrity reasons.
• Flexibility to change your repayment day by up to six days, to help manage your money better.
• No ongoing fees when you pay on time.
• No foreign exchange fees for international purchases online and in-store.
• Two-day grace period for missed repayments, otherwise a capped $10 late fee per purchase.
• Customers are unable to use PayLater for cash advances and gambling transactions.
• Easy to budget with everything in one place on the Suncorp App.
The Buy Now Pay Later sector is rapidly evolving as consumers increasingly look for flexibility and choice in the way they pay, both in-store and when shopping online. We’re excited to partner with Suncorp to deliver a seamless and secure digital payment experience that offers customers the convenience of paying in instalments anywhere Visa is accepted and enables more businesses across Australia to grow.Julian Potter, Visa Group Country Manager for Australia, New Zealand, and South Pacific
Today, Suncorp Bank also announced that all new debit cards, including PayLater cards, will be made from recycled material. This is consistent with our ambition to improve the sustainability of day-to-day banking practices.
These new debit cards will be available to customers from mid-September.
Erin Price, 0433 504 826