Royal Bank of Canada (RBC) has joined forces with payment technology firm Visa to offer flexible financing to customers.
The collaboration will allow eligible RBC personal credit cardholders to split their purchases into smaller payments, which can be made over a defined time.
Go deeper with GlobalData
RBC can use their existing credit cards to avail the service at participating merchants, both online and offline, across Canada.
Announcing the partnership, the bank said it hopes to cater to the growing consumer demand for ‘affordable’ financing solutions such as instalment payments and buy now pay later (BNPL).
RBC vice president, of retail cards Leah Napier said: “At RBC, we are 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 instalments at the point of purchase is one of the many ways that we’re delivering on that promise.
“Together, we are 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.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataVisa Canada vice-president and head of product and digital Brian Weiner said: “Our collaboration with RBC is about enabling eligible Canadian cardholders and participating merchants to take part in the growing instalments trend, delivering a more flexible payment experience within the familiarity of a Visa transaction process.”
Last month, Financial Times reported that the Canadian bank plans to expand in the UK commercial banking market.
