National Australia Bank (NAB) has announced the launch of its new buy-now-pay-later (BNPL) offering marking its entry into already crowded space.

The new offering, dubbed NAB Now Pay Later, will allow customers to split purchases up to A$1,000 into four payments.

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NAB said the new offering has no late fees, no interest and no account fees.

NAB Now Pay Later can be used anywhere Visa card is accepted and customers can add it to their digital wallets for online and in person payments, it added.

NAB is the second leading Australian bank to enter BNPL space after Commonwealth Bank of Australia launched StepPay in August 2021.

NAB Group executive personal banking Rachel Slade said: “Hundreds of thousands of NAB customers are using instalment payment services so we have created NAB Now Pay Later to make this option simple and digital for them.

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“We know the way our customers are choosing to pay is changing and they are 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. We are giving customers more flexibility, choice and control to manage all of their everyday banking needs in the one place.”

The Australian lender said its new offering has been built with a range of new technology such as instant credit decisions and safety and security features.

Customers can pre-register for NAB Now Pay Later, which will approve users base on credit assessment and eligibility.

Earlier this month, media reports said NAB has shown interest in buying the banking business of Suncorp, an insurance group.