Visa has announced a suite of installment solutions APIs. The APIs, currently in development, will allow financial institutions and merchants to accept installment payments from customers. For example, a Visa cardholder could check out at a grocery store once, but automatically break that single transaction into multiple payments at scheduled intervals. The grocery store POS developer would integrate the Visa installment API to enable this functionality.
The installment solutions APIs will be one of the first released under the Visa Next program. Visa Next is a developer-centric program aimed at building the next generation of payment solutions. Solutions that come out of the Visa Next program are built upon the Visa Platform API.
The Visa Platform API is currently in beta preview. The Platform API sits between the developer/partner side and the various Visa services (e.g. installment solutions) that Visa releases under the Next program. Check out the API reference to learn more.
Those interested in the Next program should fill out an interest form. Visa is introducing the program, and the underlying APIs, to the market through various pilot programs. Based on your interest and potential use of the APIs, you may be eligible to try out the installment solutions APIs.