NAB is one of the four largest financial institutions in Australia.

National Australia Bank (ASX: NAB) is muscling into fintechs’ preserve with its own version of Buy-Now-Pay-Later. NAB’s pay later product is called “NAB Now Pay Later,” and gives Australians more control of their money, according to the bank. (NAB News)

NAB’s Pay Later Offering

NAB’s instalment product has the following features:

• apply and access the product in minutes
• instant credit decision
• access up to $1,000
• split purchases into four fortnightly payments
• use it anywhere Visa is accepted
• add NAB Now Pay Later to digital wallets for online and in person payments
• no late fees
• no interest
• no account fees
•  safety and security features
• built for mobile
• virtual card with revolving security number (CVV) instead of a plastic card

“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,” said the bank’s Group Executive Personal Banking Rachel Slade.

“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 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,” Ms Slade added.

Related Story: Klarna, Last Valued At $46B, Cuts Workforce By 10%