KUCHING: AmBank has partnered with Visa, a global leader in digital payments, to introduce the Visa Instalments Service, a groundbreaking financial offering for its credit cardholders.
This move positions AmBank as the first Malaysian financial institution to offer such a service.
According to a statement, the Visa Instalments Service provides AmBank credit cardholders with the flexibility to divide their purchases into equal monthly payments, applicable both in-store and online.
This service is accessible through a vast network of over 3,000 participating merchants across Malaysia, covering categories such as fashion, jewellery, and electrical appliances, featuring a mix of local and global brands.
AmBank is offering a 0 per cent interest rate on credit card instalments, allowing purchases as low as RM300 to be spread over a generous period of up to 36 months.
Aaron Loo, the managing director of Retail Banking at AmBank, expressed enthusiasm for the collaboration, stating, “This collaboration underscores AmBank’s commitment to innovation and positions them as market leaders in retail financial services.”
This partnership adds to AmBank’s history of innovation, seen in its award-winning AmOnline digital channel and the introduction of Apple Pay.
Ng Kong Boon, Visa country manager for Malaysia, highlighted the importance of providing innovative, convenient, and secure payment solutions to drive digital payments usage in the country.
“The collaboration aims to expand the accessibility of Visa instalments both online and in face-to-face transactions across Malaysia, with plans to engage more merchants and acquirers.”
The Buy Now Pay Later (BNPL) concept is already familiar among Malaysian consumers, with nearly 90 per cent having utilised instalment solutions, according to Visa’s Consumer Payment Attitudes study.
Leading categories for BNPL usage include electronic gadgets (49 per cent), fashion and accessories (44 per cent), and home appliances (42 per cent).
Loo expressed confidence that the introduction of Buy Now Pay Later solutions will not only benefit AmBank customers but also support the growth of the retail industry, playing a vital role in propelling the country’s economic development.
