Westpac has put a unique spin on the “buy now, pay later” idea by letting credit card customers pay off their bills in four payments.
Westpac credit card members can link their cards to PartPay digital cards in the coming months. They can pay for their products in four installments: an initial payment and three payments every two weeks.
Westpac consumer and corporate banking chief Chris de Bruin says the new function gives clients greater power.
“The payment landscape has changed and customers have told us they like the option of making payments in instalments,” he says. “This new feature provides that flexibility in a fast and convenient way, via a digital card that can be downloaded in the Westpac app.”
The PartPay digital card may only be used for purchases exceeding $100 that don’t exceed the customer’s card limit. If you miss a payment, you won’t have to pay any late fees. Instead, the remaining credit will be added to the cardholder’s purchase balance, where standard interest rates will apply.
Westpac wants additional government regulation of BNPL, whereas NAB and CBA have their own products. It supports a plan to make BNPL like other credit products and require full assessments for each purchase.
