VIC is a physical and/or digital credential that allows lenders to offer installment plans to their customers for purchases made anywhere Visa is accepted. Unlike VIS, Merchants don’t need to integrate to Visa Application Programming Interfaces (APIs) for customers to access the installment plans offered by VIC. Credentials supports multi or one-time use transactions. The credential can be used for both card-present (POS) and card-absent (eCommerce) transactions. Its primary use case is for pre-purchase, short tenure (i.e Pay-in-4) plan types (for example, a cardholder selects a pay-in-four-installments plan before making the purchase transaction).
VIS is a suite of APIs and related services and features that enable Participants to provide card-based installment payment solutions to Cardholders. Visa Installment Solutions allows Eligible Cardholders the flexibility to pay for a purchase in equal payments over a defined period. Issuers can offer their Cardholders installment payment options before, during, or post purchase. Merchant Participants, enabled by their Acquirers, can offer Installments payment options to Eligible Cardholders during the purchase experience.