Visa Expands Payment Options for Amazon Customers with Installments Plans

The flexible payment option is now available to eligible Royal Bank of Canada (RBC) and Scotiabank credit cardholders shopping in Canada in the Amazon store

TORONTO--(BUSINESS WIRE)-- Visa has announced a new collaboration with Amazon 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.

"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," said Dan Sanford, Head of Product for North America at Visa. "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%)¹ 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.

“At Amazon we are always looking to innovate and improve the shopping and paying experience for our customers,” said Tyler Aldrich, Director, Amazon Payment Products. “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.

For more information on Visa Installments, visit Visa.ca/installments.

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payment network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

¹ Visa Canada BNPL Trends Research – Q1 2023

² Global Payments, “Why buy now, pay later is a trend to watch”, March 2023

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Tracy Truong, Visa Canada

trtruong@visa.com

Source: Visa Inc.