National Australia Bank to Introduce BNPL Offering

National Australia Bank is inviting customers to pre-register for the forthcoming launch of a new buy now, pay later offering, punningly dubbed 'NAB Now Pay Later'.

Under the scheme, NAB customers will be able to access up to $1,000, split purchases into four payments, use it anywhere Visa is accepted and add NAB Now Pay Later to their digital wallets for online and in person payments.

NAB’s offering has no late fees, no interest and no account fees.

NAB group executive personal banking Rachel Slade says: “Hundreds of thousands of NAB customers are using instalment 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."

In October, NAB rival ANZ announced that it was joining forces with Visa to bring its instalment payments product to Australia, enabling the bank's credit card customers to buy now, pay later at the checkout.

Set for launch in July, NAB Now Pay Later has been built for mobile with a range of new technology, including instant credit decisions and safety and security features.

(Source: Finextra)