Eligible RBC credit cardholders will soon have access to Installments enabled by Visa for qualifying purchases at participating merchants
Toronto, November 14, 2022 – Today, Visa and Royal Bank of Canada (RBC) announced their new collaboration to provide eligible RBC personal credit cardholders with the convenient option of converting a qualifying purchase into smaller, equal payments made over a defined period of time when shopping at participating merchants across Canada – both in-store and online.
RBC is the latest issuer to support Installments enabled by Visa following the launch of the solution in Canada last year. Eligible RBC personal Visa credit cardholders can conveniently leverage their existing credit without submitting new loan applications, completing credit checks, or downloading a new app.
“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.
This announcement responds to a growing consumer demand for more convenient and affordable financing solutions such as installment payments and Buy Now Pay Later (BNPL) options in Canada and globally. BNPL represents a growing portion of the global payments market, accounting for over $1.7 trillion CAD of global payment volume. Visa research showed that up to half of all global consumers expressed interest in installment financing offered by their existing credit card issuer.
“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.”
Installments Enabled by Visa provides issuers, processors, and retailers with an installment payment option for their customers. For more information on Visa Installments, visit: Visa.ca/installments.