Banks and financial institutions continue their push into the BNPL segment. National Australia Bank is the latest entity to provide customers with a new buy now, pay later product. It goes by the name of “NAB Now Pay Later” and is currently in the pre-registration phase.
NAB Wants To Go The BNPL Route
Various Australian banks and institutions compete in the Buy now, Pay Later spectrum. BNPL Has become one of the most commonly sued payment methods, primarily among online shoppers. However, not all banks provide access to such a solution yet, enabling some degree of customization. NAB aims to offer something slightly different from traditional BNPL solutions, although it primarily looks the exact same.
NAB customers can access up to $1,000, split purchases into four different installments, access BNPL wherever Visa is accepted. and add NAB Now Pay later to their digital wallet. That latter option will bring this feature to online and in-person payments, a feature that consumers have widely requested. Moreover, NAB wants to provide this service without late fees, interest, or account fees. That seems a big gamble, as banks can make big money from these fees.
NAB Group Executive Personal Banking Rachel Slade adds:
“Hundreds of thousands of NAB customers are using installment payment services so we’ve created NAB Now Pay Later to make this option simple and digital for them. It’s also safer than the alternatives as these are already our customers. We know their banking and credit history and we’re assessing them based on our existing banking relationship.”
NAB is a bit late to introducing BNPL solutions, as rival ANZ introduced its service in October 2021. Moreover, NAB’s solution will be introduced in July 2022 and will focus on mobile users looking for innovative features like instant credit decisions and security features. Moreover, NAB’s virtual card will come with biometric fraud detection and a dynamic CVV to prevent fraud and theft.