Nimble has taken another step to overhauling its lending business after launching a virtual Mastercard that gives cardholders access to fixed credit of up to A$10,000.
Nimble is hoping to attract Buy Now Pay Later customers to the “AnyTime Mastercard”, arguing that it offers a more flexible line of credit than BNPL products and greater transparency than traditional credit cards.
While the card will be marketed under the “Nimble” brand, it will be issued by Brisbane-based payments services company, EML Payments.
“Nimble AnyTime balances will be repaid, at most, over 12 months, giving consumers full control of the fixed monthly, fortnightly or weekly repayments - and can align to the customers wage schedule - with no surprise fees,” Nimble said in a statement.
“AnyTime serves the evolving needs of Australians today by catering to a growing cohort often excluded by mainstream banks, with assessments made within two hours based on advanced artificial intelligence and machine learning.”
The virtual card can be used to make digital wallet purchases at retail outlets or over the internet with online vendors.
In recent years Nimble has been trying to reinvent its business model away from payday lending.
Former National Australia Bank executive Gavin Slater is steering the makeover.