Customers of National Australia Bank (NAB) can now pre-register for early access to the bank’s new NAB Now Pay Later product, as part of the bank’s latest effort to give Australians more control over their money.
Customers will be able to access up to $1,000, split purchases into 4 payments, use it anywhere Visa is accepted and add NAB Now Pay Later to their digital wallets for online and in person payments. In contrast to other instalment payment or pay-in-4 products, NAB’s offering has no late fees, interest, or account fees.
NAB Now Pay Later is optimised for mobile. Rachel Slade, NAB Group Executive Personal Banking, stated that the bank’s research revealed that customers wanted to take control of their money more than ever before.
“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,” Slade said. “We know their banking and credit history and we’re assessing them based on our existing banking relationship. We know the way our customers are choosing to pay is changing and they’re demanding simple and easy to understand credit. With NAB Now Pay Later integrated into the NAB app, it will be visible alongside other NAB products like transaction accounts.”
