Suncorp Bank is introducing a 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 to shop 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.
According to Suncorp Bank CEO, Clive van Horen, some customers prefer to use credit cards, while others want simple, short-term payment options from a trusted and secure bank.
“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,” he said.
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.
PayLater has a limit of $1,000 and is available for purchases higher than $50. Customers can change their repayment day by up to six days to better manage their money, there are no ongoing fees when they pay on time and there is a two-day grace period for missed repayments and then a capped $10 late fee per purchase.