- National Australia Bank is launching its own BNPL tool called NAB Now Pay Later.
- The bank’s BNPL offering will not charge late fees, interest, or account fees.
- NAB expects to have a leg up on third party tools because, as NAB Group Executive Personal Banking Rachel Slade explained, “We know their banking and credit history and we’re assessing them based on our existing banking relationship.”
National Australia Bank is making its way into the buy now, pay later (BNPL) game. The bank announced this week that its customers can pre-register to use its BNPL tool, which is called NAB Now Pay Later.
NAB’s BNPL offering will enable customers to split online and in-person purchases of up to $1,000 into four payments. The bank will not charge late fees, interest, or account fees for the service.
NAB Group Executive Personal Banking Rachel Slade described NAB Now Pay Later as “safer” than competing third-party tools. “These are already our customers,” she explained. “We know their banking and credit history and we’re assessing them based on our existing banking relationship.”
From the consumer perspective, one of the biggest benefits of using a BNPL tool from their own bank is that the credit decisioning process is instant. “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,” said Slade.
Customers can pre-register today for NAB Now Pay Later, which is expected to launch in July.