Visa and Royal Bank of Canada (RBC) made an announcement for this new collaboration of theirs to provide eligible RBC personal credit cardholders with the comfortable option to convert a qualifying purchase into smaller, equal payouts to be made over a period of time while shopping at participating merchants across Canada – both online and in-store. RBC is the latest issuer which is supporting Installments launched by Visa following the float for the solution in Canada sometime in the last year. Eligible RBC personal Visa credit cardholders is conveniently leveraging their existing credit without asking for new loan applications, completing credit checks, or downloading a new application.
This collaboration shall successfully respond towards a growing client demand for new ways of convenient and affordable financing solutions such as installment payouts and Buy Now Pay Later (BNPL) options globally and specifically in Canada. BNPL represents a growing portion of the global payments market, which accounts for over $1.7 trillion CAD of global payment volume.Visa research showed that up to half of all global clients showed much interest in this methodology of financing of installments being offered by their existing credit card issuer.
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“At RBC, we’re committed to reimagining the everyday banking and payment experience for Canadians and merchants to meet their evolving needs,” said Leah Napier, Vice President, Retail Cards, RBC. “Our collaboration with Visa to enable credit card installments at the point of purchase is one of the many ways that we’re delivering on that promise. Together, we’re excited to offer consumers another payment option that provides greater flexibility, affordability and simplicity when they shop – all seamlessly integrated within their existing RBC credit card product.”
“Our collaboration with RBC is about enabling eligible Canadian cardholders and participating merchants to take part in the growing installments trend, delivering a more flexible payment experience within the familiarity of a Visa transaction process,” said Brian Weiner, Vice-President and head of product and digital, Visa Canada.