Absa Bank Kenya has introduced a Buy Now, Pay Later (BNLP) feature that will allow its credit card customers to either pay for their purchases in full, immediately or in a structured repayment plan over a defined period between three to 12 months.
Launching the service, Linda Kimani, Head of Card Payments at Absa Bank Kenya said, “Given the prevailing economic environment in which many consumers are having to make tough spending decisions, we understand the growing need to manage one’s expenses and make purchases without straining one’s wallet. That’s why we’re excited to launch our BNPL card feature, which gives our customers the power and ease they need to pay for their purchases flexibly over time.”
The BNLP solution is the first to be offered for card customers by a bank in Kenya. The self-service payment option is available on mobile and Internet banking platforms.
Peter Mutua, Absa Bank Customer Network Director said, “We are continuously re-developing our card business footprints and rethinking our solutions in response to market demands. We are confident that this solution not only benefits our customers greatly but also positions us as market leaders and innovators in the payments business.”
The new BNLP feature follows the introduction of Absa Mobi Tap Solution, a contactless payment solution that enables small and medium-sized enterprises (SMEs) to accept card-based payments from customers’ Android smartphones.
To make use of the Absa Mobi Tap solution, merchants simply need to first download the app from the Play Store onto their NCF-enabled Android smartphones. Once installed, they can proceed to create a profile within the app. Once these initial setup steps are completed, merchants are all set to start accepting card payments.
To process a payment, the merchant enters the transaction amount into the app. Then, the customer can conveniently tap their contactless card on the back of the smartphone. If required, the customer also has the option to enter their PIN to complete the purchase.