HSBC launches Visa Instalments in Malaysia

by TMR / pic by TMR FILE

HSBC Malaysia has launched Visa Instalments, a new credit option to establish fixed repayment terms for select purchases over a set period of time.

In a statement today the bank said the partnership enables HSBC to meet customers’ needs for instalment plans at the point of sale on eCommerce platforms.

“HSBC Visa cardholders can now instantly select to pay for their purchases in equal instalments at participating merchant websites.

“Instalment plans are offered with 0% interest-rate and range from 3 months (minimum purchase of RM300) and up to 36 months (for purchases of RM2000 and above),” said HSBC.

The bank added merchants that are enabled with this solution include, Caring Pharmacy Online Store, TBM (Electrical goods), HLK Chain Store (Electrical goods) and amongst others. More merchants will be introduced in the coming months.

HSBC cardholders will also be able to access Visa Instalments on international merchants’ eCommerce platforms by 2022.

All instalment plans selected for the purchase amount within an eligible HSBC customers’ total credit limit will be approved automatically, with no new credit checks or additional lending required.

“HSBC seeks to deliver our customers a seamless, faster and flexible digital payment experience. With Visa Instalments, we’re enabling this capability, as well as helping our customers fit their purchases into their budgeting plans to alleviate the stress of making large purchases upfront,” said Renee Bullock-Cann, Head of Wealth and Personal Banking, HSBC Malaysia.

Ng Kong Boon, Visa Country Manager for Malaysia said the new Visa Instalments empowers consumers with an additional ability to choose how they pay upon checkout, and simplifies the current friction and time-consuming instalment process for buyers and sellers.

“We’re pleased to share that HSBC is the first issuer in Asia to introduce this solution to our cardholders in Malaysia, allowing them to split their payment purchases at participating eCommerce merchants,” said Ng.

HSBC added the launch of Visa Instalments in Malaysia marks another milestone in HSBC’s digital roll-out plans aimed at enhancing customers’ banking experience, including a wealth dashboard, investment account opening service, eKYC, local and international open payments, card servicing capabilities and loyalty programmes.