- Royal Bank of Canada (RY) and Visa announced their new collaboration to provide flexible financing options with installment plans
- The collaboration allows eligible RBC personal credit cardholders the convenient option of converting a qualifying purchase into smaller, equal payments made over a defined period of time
- Visa is a world leader in digital payments
- RBC is Canada’s biggest bank and one of the largest in the world, based on market capitalization
- Royal Bank of Canada (RY) closed down by 0.02 per cent trading at $131.66 per share
Royal Bank (RY) and Visa will provide flexible financing options via installment plans.
The collaboration allows eligible RBC personal credit cardholders 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.
This responds to a growing consumer demand for more convenient and affordable financing solutions. Visa research showed that up to half of all global consumers expressed interest in installment financing offered by their existing credit card issuer.
Leah Napier, Vice President, Retail Cards at RBC, commented on the news,
“At RBC, we’re committed to reimagining the everyday banking and payment experience for Canadians and merchants to meet their evolving needs. 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. This is all seamlessly integrated within their existing RBC credit card product.”
Visa is a world leader in digital payments. It facilitates transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories.
RBC is Canada’s biggest bank and one of the largest in the world, based on market capitalization. The bank has a diversified business model with a focus on innovation and providing exceptional experiences to some 17 million clients in Canada, the U.S. and 27 other countries.
Royal Bank of Canada (RY) closed down by 0.02 per cent trading at $131.66 per share.