Bank of Montreal (BMO) has become the latest Canadian issuer to announce an Installments by Visa integration.
The payment option, which enables consumers to convert qualifying purchases into smaller, equal payments made over a defined period of time, will launch in Canada in 2024. The launch will expand on BMO’s post-purchase credit card-based instalment plan solution, BMO PaySmart.
With BMO PaySmart, clients can shop in-person or online, and later convert eligible purchases into installment plan payments through BMO Online Banking. Clients can then make their instalment payments as part of their monthly credit card payments. BMO PaySmart is one possible solution to maintaining control of finances with smaller, predictable payments during a turbulent economic period.
“Visa is thrilled to offer more Canadians increased payment options and greater control over their budgets,” says Dan Iwachiw, vice president and head of product, Visa Canada. “The need for flexible payment options continues to grow globally. As such, we’re committed to advancing a banking and payment experience for Canadians and merchants to meet their evolving needs.”
This new offering will make it simple for clients to select an instalment option. One that fits their budget at time of purchase with participating merchants. Like any BMO PaySmart instalment plan, clients can then view and manage these plans through BMO Online Banking.
“The popularity of installment plans for credit card purchases continues to grow in Canada. As a result, we’re pleased to be working with Visa to bring innovative features to our BMO credit card customers in Canada,” says Andras Lazar, vice president, product, partnerships and innovation at BMO. “This new option builds on BMO PaySmart. Furthermore, it offeres customers greater flexibility and convenience that helps them make real financial progress.”
Installments enabled by Visa provides issuers, processors, and merchants with an installment payment option for their customers.