Financial services major Visa Inc. (V) recently announced that the company has expanded its Visa Instalments service to Australia. Visa will provide this service in collaboration with ANZ, one of the largest financial institutions in the country, and merchant payment provider Quest.
Following the news, shares of the company gained 1.8% on Thursday. The stock gained slightly to close at $230.89 in extended trade.
With Visa Instalments, Visa will bring the popular “Buy Now, Pay Later” (BNPL) financing to users via their existing ANZ credit cards during in-store and online checkout. Further, BNPL as a feature can be included by financial institutions for eligible credit card users. Similarly, acquirers on the network can activate the ability to accept instalments for any of their retailers that accept Visa.
Notably, Quest will be providing its integrated point-of-sale software services to merchants so that they do not have to make any software changes to enable the solution.
The Group Country Manager for Australia, New Zealand and South Pacific for Visa, Julian Potter, said, “We’re proud to work with our long-standing partner, ANZ on the first roll-out of Visa Instalments that has been built from the ground up – at the network level – to be deployed in-store and across ecommerce channels without the need for consumers or businesses to do anything new. Now Australians’ credit cards can buy now, pay later, too.” (See Visa stock chart on TipRanks)
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Recently, Mizuho Securities analyst Dan Dolev reiterated a Buy rating on the stock with a price target of $275, which implies upside potential of 19.3% from current levels.
Consensus among analysts is a Strong Buy based on 19 Buys and 1 Hold. The average Visa price target of $280.75 implies upside potential of 21.8%.
Visa scores a “Perfect 10” from TipRanks’ Smart Score rating system. This indicates that the stock has strong potential to outperform market expectations. Shares have gained 13.6% over the past year.
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