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.

Unlike other installment payments or pay-in-four products, NAB’s offering has no late fees, no interest, and no account fees.

“Hundreds of thousands of NAB customers are using installment 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.”

                                                      Rachel Slade NAB group executive personal banking.

In October, NAB rival ANZ announced that it was joining forces with Visa to bring its installment payments product to Australia, enabling the bank’s credit card customers to buy now, and 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.

“In the time it takes for a customer to go from the fitting room to the register, we’ve assessed their application, undertaken a credit check, and opened an account with a virtual card so they’re ready to purchase,”

“We’re able to do this quickly because of the combination of technology and knowing our customers.”

                                                        Rachel Slade NAB group executive personal banking.

The virtual card also features biometric fraud detection and a dynamic CVV that refreshes regularly to protect customers from fraud and theft.

NAB Now Pay Later follows the bank’s launch of StraightUp, Australia’s first no interest credit card, in September 2020.