The rollout is scheduled for August 2021
Visa Canada has announced the launch of Visa Installments – a new option to convert purchases already made into smaller, equal payments over a defined period of time.
Scotiabank is the first Canadian issuer to announce it will leverage Visa’s Installments capability. The bank will offer its Visa credit card customers more choice in how they pay for purchases made on their credit cards.
Eligible Canadian Scotiabank Visa credit cardholders will be among the first customers globally to use Visa Installments.
With the rollout, any eligible Scotiabank Visa credit card customer who chooses to take advantage of the new payment installment option called Scotia SelectPay can split qualifying purchases they have already made on their card.
Installments currently represents a significant segment of the payment system globally, accounting for over $1.7 trillion CAD of global payment volume.
In Canada, adoption has increased 30% in the last year alone and the in-country payment opportunity is expected to be about $50 billion annually. The increased traction around installments across Canada and around the globe is being driven by rising consumer demand for more flexibility in payment options, and strong merchant interest in finding new ways to compete in the market and bring shoppers more ways to pay.
We’ve reported that Visa to acquire European open banking platform for nearly €2B.