HSBC Malaysia has partnered with Visa to introduce a new credit option by the name of Visa Instalments, which allows its Visa credit cardholders to set up fixed repayment terms of a specific period for selected e-commerce purchases. It is the first bank in the Asian region to introduce this Visa solution.

Eligible customers can now instantly opt to split the payments of their purchases from participating online traders into equal monthly instalments during the checkout process. There are several plans on offer with 0% interest rate, ranging from 3 months (with a minimum purchase of RM300) to 36 months (for purchases of RM2,000 and above).

Note that this Visa Instalments feature is not a new line of credit, nor will it increase your credit limit with the bank. Rather, tapping into Visa Instalments for your purchases will deduct from the credit limit of your existing credit card account. The plans selected within the total credit limit will be automatically approved, with no new credit checks or additional lending required.

If you’d like to give this new feature a go, some of the participating merchants that have already enabled this new solution include Caring Pharmacy Online Store, TBM (electrical goods), HLK Chain Store (electrical goods), MPHOnline, and Valiram247.com. You can find the full list of participating merchants here. HSBC also said that there will be more merchants coming onboard in later months, and cardholders will also be able to access Visa Instalments on international e-commerce platforms by 2022.

The head of wealth and personal banking of HSBC Malaysia, Renee Bullock-Cann said that the bank is constantly seeking to deliver a seamless, faster, and more flexible digital payment experience. “With Visa Instalments, we’re enabling this capability, as well as helping our customers fit their purchases into their budgeting plans to alleviate the stress of making large purchases upfront,” she said.

Meanwhile, the country manager for Visa Malaysia, Ng Kong Boon said that Visa Instalments simplifies the current friction and time-consuming instalment process for buyers and sellers. “We’re pleased to share that HSBC is the first issuer in Asia to introduce this solution to our cardholders in Malaysia, allowing them to split their payment purchases at participating e-commerce merchants,” he said.

If you’re looking for instalment payment alternatives aside from Visa Instalments, HSBC does also offer 0% interest instalment plan for its other credit cardholders, although there is a sign-up procedure involved. The tenure of this plan ranges between 3 months to 36 months as well, and applies to purchases from as low as RM300.

(Sources: HSBC, Visa)

• TAGS:
• 0% Instalment Plans
• HSBC
• HSBC Bank
• Ng Kong Boon
• Renee Bullock-Cann
• Visa
• Visa Instalments