Visa is rolling out APIs for buy now, pay later products to its clients.
In Brief:
The APIs will let clients integrate installment payment products into their offerings.
Credit card issuing partners will be able to develop their own BNPL programmes.
They can change things like the duration of the loan, interest, fees, and merchants.
What does this mean?
With companies like Klarna spearheading the buy now, pay later movement, there is also now the chance for other businesses like card issuers and banks to get in on the action.
Indeed, as Paula Costea, VP at FintechOS pointed out in our recent “ask a fintech” article, trust is a “sticking point” for BNPL where “traditional banks can win” if they integrate these products.
