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Press release content from Business Wire. The AP news staff was not involved in its creation.
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Press release content from Business Wire. The AP news staff was not involved in its creation.

i2c Teams Up with Visa to Accelerate Installment Solutions for Issuers

August 17, 2021 GMT

REDWOOD CITY, Calif.--(BUSINESS WIRE)--Aug 17, 2021--

i2c, a leading global provider of payments processing technology and digital banking solutions, today announced they are working with Visa, the world’s leader in digital payments, to launch point of sale installments capabilities for their participating issuers in North America. Through this new collaboration, issuers and participating merchants can have an accelerated path to Buy Now Pay Later (BNPL) promoting a consistent cardholder experience.

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Visa Installments is a payment technology created by Visa that enables issuers to offer installment plans for their cardholders under their existing credit account lines, and for participating merchants to display the installment plans to eligible cardholders. With Visa Installments, shoppers may have more choice and flexibility in how they pay for purchases.

Through this collaboration, participating i2c issuers offering Visa credit cards will have the capability to provide their cardholders the choice to pay with installments during online checkout. This new capability can be integrated into the point of sale experience and offers cardholders the option to convert larger purchases into smaller equal payments made over time, helping to make everyday purchases more accessible.

“Customers love the flexibility of being able to pay over time with installments, as evidenced by the rapid growth in the space,” said Mary Kay Bowman, global head of buyer, seller, core and platform products at Visa. “At Visa, we’re working with partners like i2c to accelerate the distribution of more BNPL payment options for consumers, issuers and merchants around the world.”

“BNPL solutions have emerged as a must-have capability for both card issuers and merchants across the globe. We are thrilled to partner with Visa and to add Visa Installments to our existing BNPL product offering for our issuers and their cardholders,” said Ava Kelly, Global Head of Products of Silicon Valley-based i2c, a global Visa Ready and Fast Track member.

According to recent forecasts by Insider Intelligence, BNPL’s global rise in popularity is due to account for approximately $680 billion in transaction volume worldwide in 2025. Other projections like those by research firm CB Insights estimate the total U.S. BNPL volume could reach $1 trillion by 2025, or 10 to 15 times current levels.

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About i2c Inc.
i2c is a global provider of highly-configurable payment and banking solutions. Using i2c’s proprietary “building block” technology, clients can easily create and manage a comprehensive set of solutions for credit, debit, prepaid, lending and more, quickly and cost-effectively. i2c delivers unparalleled flexibility, agility, security and reliability from a single global SaaS platform. Founded in 2001, and headquartered in Silicon Valley, i2c’s next-generation technology supports millions of users in more than 200 countries/ territories and across all time zones. For more information, visit www.i2cinc.com and follow us at @i2cinc.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210817005269/en/

CONTACT: Heather Clifton

Chief Marketing Officer, i2c

media@i2cinc.com 

KEYWORD: UNITED STATES NORTH AMERICA CANADA CALIFORNIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES TECHNOLOGY FINANCE SOFTWARE BANKING INTERNET

SOURCE: i2c Inc.

Copyright Business Wire 2021.

PUB: 08/17/2021 11:10 AM/DISC: 08/17/2021 11:11 AM

http://www.businesswire.com/news/home/20210817005269/en