Two of Canada’s top banks are set to team up with Visa Canada, as they seek to better serve customers and cardholders with installment payment offerings.
Scotiabank is on course to be the first bank and card issuer in Canada to allow cardholders access to Visa’s installments feature. This expands the users’ payment options and also allows a lot more control over their finances, especially budgeting.
This new service, called SelectPay, will be open to qualified Scotiabank customers from August. Holders of the bank’s Visa credit card will be able to split purchase payments.
“Scotiabank SelectPay provides our credit card customers with more flexibility and convenience by enabling them to select eligible purchases and pay for those purchases over time,” said Brett Mooney, Scotiabank Senior Vice President of Credit Cards and Unsecured Lending in the statement. “It’s a fast, easy, convenient way for our customers to manage their finances, and when using SelectPay, our customers continue to benefit from all the other features on our award-winning cards including rewards and insurance benefits.”
Installments now take up over $1.4 trillion of global remittance volume, while the level of adoption of this method of payment within Canada has risen to 30% in the past year.
CIBC, another lender in Canada is also entering a similar partnership with Visa, allowing eligible CIBC customers to use installment options for eCommerce purchases to which it applies. CIBC has picked 2022 for the launch of this new offering.
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