HSBC has launched an online credit card application system called Swift specifically designed so it integrates with retailers’ websites.
The system allows retail customers wanting to make an interest-free credit card purchase to apply online, receive a real-time decision, and if approved, collect goods in-store without the burden of completing applications and paperwork at the counter.
As part of the Swift application approval, customers receive an HSBC Classic Card that gives them access to other interest-free and payment deferred options offered by HSBC’s retail partners including JB Hi-Fi, Bing Lee, Ikea, Betta Electrical, Betta Home Living and Videopro² up to the available credit limit on the credit card.
“With online shopping in Australia outpacing in-store sales by nearly 20 per cent year-on-year, retailers are looking at gaining an edge over their competitors in this space,” Steven Tipple, head of third party distribution for HSBC Bank Australia, said.
“For online shoppers looking to take advantage of interest-free promotions, the ability to quickly confirm credit approval online could seal the deal.
“With the launch of Swift, HSBC is helping retailers use online sales to their advantage by providing their customers with a quicker, more efficient and private credit application experience.”
Swift will be rolled out to 400 retail stores by the end of November and HSBC has plans to expand the offering to more retailers in the coming months.