Suncorp Bank has announced a new interest-free buy now, pay later service which can be used to make payments wherever Visa is accepted.
Available to bank customers from November via the Suncorp App, the PayLater service is available for purchases higher than $50 with four fortnightly instalments. A limit of $1000 will apply once the bank determines a customer’s eligibility through a credit check.
The BNPL service will include both a physical and digital Visa debit card - the former is made mostly from recycled materials reflecting the bank’s goal to improve the sustainability of day-to-day banking practices.
“Some customers prefer to use credit cards, while others want simple, short-term payment options from a trusted and secure bank,” said Suncorp chief executive Clive van Horen.
“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,”
“Our PayLater offering eliminates additional costs to those businesses who are currently paying millions of dollars in traditional BNPL fees.”
Late fees capped
The service will grant a two-day grace period for missed repayments, otherwise will charge a $10 late fee per purchase.
“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,” said Julian Potter, Visa's head of Australia, New Zealand, and South Pacific.
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.”