On Tuesday, Visa announced its new partnership with Desjardins and Global Payments to bring visa installments to Canadian Merchants and qualified credit cardholders. Global Payments is a technology and software solutions provider, while Desjardins is a North American financial services provider.
Visa launched its installments portfolio last month to help qualified Canadian convert purchases made using credit cards into smaller equal payments made over a defined period.
Global payments will now enable its merchant clients to offer visa Installment options to eligible customers with a single integration without requiring them to register for a new service. Eligible cardholders will have the opportunity to use the service during purchasing with their existing credit card.
Desjardins will be the first to integrate Visa Installments and offer service to eligible merchants and cardholders. Previously, only Scotiabank and CIBC had Visa Installments capability for their Visa credit cardholders. Scotiabank announced that it would be launching its Visa Installments service in August, while CIBC plans to launch the same service in 2022.
According to a study, 47 percent of Canadian believe that flexible payment options are now important than ever. Installment services represent a growing part of the payment market accounting for over $1.7 billion of Canada’s payment volume.
This moment is reflected in the Canadian market adoption of installments, with the last year alone increasing b 30 percent. The in-country installment payment opportunity is expected to exceed $50 billion annually. And Visa Canada hopes to enable merchants to cater to growing customer demand by introducing Visa Installments.