Visa (NYSE: V) has announced a new collaboration with Amazon (NASDAQ:AMZN) that will provide Canadian consumers with more choice at checkout.
When shopping online on Amazon.ca or on the Amazon app, eligible RBC and Scotiabank credit cardholders will now have the option “to select Installments enabled by Visa as their method of payment for qualifying purchases.”
This convenient payment option is now available and “enables eligible consumers to convert their purchases into smaller, fixed payments made over a defined period.”
Dan Sanford, Head of Product for North America at Visa said:
“We are excited to offer our installments solution on Amazon through two of Canada’s leading issuers, granting more consumers access to diversified payment methods and greater financial control with one of the world’s largest online merchants. Recognizing the growing demand for flexible payment options, we are committed to enhancing the end-to-end payment experience for Canadians to address their evolving needs.”
Installments are gaining momentum in Canada “as a preferred payment method among consumers.”
According to Visa research, more than half of Canadians (58%) are “interested in using installments and it is projected that by 2026, this payment method is expected to account for nearly one-quarter of all global e-commerce transactions2.”
Tyler Aldrich, Director, Amazon Payment Products said:
“At Amazon we are always looking to innovate and improve the shopping and paying experience for our customers. Together with Visa, we’re pleased to offer customers greater choice, enabling customers to pay for their online purchases in ways that are convenient for them.”
Installments enabled by Visa provides issuers, processors, and merchants with a better payment option “to meet customers where they are.”
Together, Visa and Amazon are working to “bring this payment option to more consumers around the world.”
As covered, Visa is a digital payments provider, “facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories.”
Their mission is to “connect the world through the most innovative, convenient, reliable and secure payment network, enabling individuals, businesses and economies to thrive.”
They believe that economies that include “everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.”
