B2B Finance News

A Collaboration For Flexible Financing By Visa Canada And RBC

Visa and Ascenda partner on next-gen loyalty and rewards in Asia Pacific

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.

Read more: Robotics And Artificial Intelligence

“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.

Read : Cybersecurity Timeline and Trends You Should Know before Planning for 2023

[To share your insights with us, please write to sghosh@martechseries.com]

Related posts

Jumio and CIMB Bank PH Team up to Provide Filipinos Unmatched Digital Onboarding Experience With AI-Powered Identity Verification Technology

Fintech News Desk

Genesis Digital Assets Raises $431 Million to Fund Expansion of Industrial-Scale Bitcoin Mining Operations in the US and Nordics

Fintech News Desk

Buy Now, Pay Later Travel Leader Uplift Raises $68M in Credit Financing to Support Rapid Growth In Anticipation of 2021 Travel Industry Rebound

Fintech News Desk