Payments giant Visa has forged alliances with Nuvei and middleware payment solution Tender Retail to expand buy-now-pay-later (BNPL) options in Canada.
The partnership has been based on Installments enabled by Visa, which is designed to allow consumers to pay for some specific purchases in smaller instalments over a period of time through an eligible credit card.
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It will see the launch of Installments enabled by Visa by several Canadian retailers such as Simons, Canada Computers, Soft Moc, and Trévi in the next few months.
Under the new collaboration, Visa and Nuvei will work together to help additional eligible credit cardholders gain access to Installments enabled by Visa.
The access will be offered through Nuvei’s retailer network in Canada that comprises a host of clothing retailers, travel services, and others.
In addition, Visa and Tender Retail plan to provide Installments enabled by Visa to retailers willing to enhance their in-store payment options and facilitate consumers to spend for their purchases.
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By GlobalDataAccording to Visa, the newly announced partnerships represent the popularity of instalments in Canada.
A research from Visa found acceptance of instalments in Canada rising 30% in 2020.
Another Visa research also revealed that when instalment options are offered during checkout, retailers experience an increase in spend and more shopping completed by consumers.
Visa Canada VP and head of product and digital Brian Weiner said: “We’re excited to work with these organisations to provide eligible credit cardholders with more choice and flexibility in the way they want to pay.
“Together, we’re helping Canadian merchants stay competitive and ahead of ever-changing consumer preferences.”
In a separate development, the US Federal Trade Commission (FCA) launched a probe to check if Visa and Mastercard security tokens curb debit-card routing competition on digital payments platforms, The Wall Street Journal reported citing people privy to the development.
