Visa Expands 'Buy Now, Pay Later' Solution in Canada with Moneris

Moneris to roll out Visa Installments to its merchant customers, adding scale, brand trust and convenience to popular financing option

TORONTO, Oct. 27, 2021 /CNW/ - Consumer demand is growing quickly for buy now, pay later (BNPL) solutions offered by financial institutions which are underpinned by global payment technology leaders like Visa. A recent Visa survey found that up to half of all consumers expressed interest in installment financing offered by their existing credit card issuer.¹ In Canada, installments adoption has increased 30 per cent in the last year alone and the in-country payment opportunity is expected to be about $50 billion annually.²

Visa is stepping up to meet this demand by continuing the rollout of its network solution, Visa Installments, to more of Canada's financial institutions, acquirers, and technology providers.

Visa announced today it is collaborating with Moneris, a Canadian leader in unified commerce, on Visa Installments. Any participating Moneris merchant will be able to present installment payment options to eligible Canadian credit cardholders on qualifying purchases. The eligible cardholder can choose whether to pay in full or in smaller, equal payments made over a defined period of time at the time of purchase with their existing credit card. Such cardholders can leverage existing credit under their credit card, with no need to sign up for a new service or garner approval for a new credit line. Moneris is scheduled to begin offering Visa Installments to its customers in spring 2022.

"We're happy to be working with a trusted brand like Visa Canada on providing a buy now pay later option to Canadians," said Patrick Diab, Chief Product and Partnership Officer, Moneris. "Bringing flexible payment methods like buy now pay later to our merchants helps them offer their customers more options when it comes time to pay."

"We're embracing buy now pay later at Visa Canada because it measurably expands choice and convenience for buyers and sellers alike," said Brian Weiner, VP and head of product and digital, Visa Canada. "We're excited to work with Moneris to provide more Canadians with a flexible buy now pay later solution through Visa Installments."

Expanding the Canadian Ecosystem

Visa Canada is unlocking new ways for partners and clients to interact with shoppers, by giving eligible cardholders more choice of how they pay.

• ChargeAfter is the first fintech enabler to launch Visa Installments to its participating merchants.
• The Visa Installments solution is available as a stand-alone service via Cybersource, making it easier for merchants, resellers, and acquirers to provide Visa Installments to consumers.
• Worldpay from FIS and FIS issuing is also working with Visa to enable Installments in Canada.

In Canada, Visa is working with CIBC, Desjardins Group (Desjardins), Scotiabank, i2c and Equinox Payments to enable the Visa Installments solution. Visa is also expanding its Installments Solution globally with a growing list of issuers, acquirers and fintechs: Visa Continues Fueling 'Buy Now, Pay Later' Growth Around the World. 

Visa's recent global survey showed that interest in installment plans is high and outpaces current adoption in all countries tested, underscoring the strong opportunity for BNPL usage. The research shows that when BNPL options are available at checkout, retailers also benefit from an increase in spend and see more shoppers completing their purchases.³ Today, a third of Canadian consumers (35%) say they would not have made recent purchases if BNPL was unavailable.⁴

For more information on Visa Installments in Canada, visit: visa.ca/installments.

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¹ Visa & Growth from Knowledge Survey, September 2021 (Results from 7-market global survey in Australia, Canada, Hong Kong,  Russia, U.S., U.K.)

² Euromonitor Consulting Data Compilation for Visa Inc., 2020 ($CDN)

³ Visa & Growth from Knowledge Survey, September 2021 (Results from 7-market global survey in Australia, Canada, Hong Kong,  Russia, U.S., U.K.)

⁴ Visa & Growth from Knowledge Survey, September 2021 (Results from 7-market global survey in Australia, Canada, Hong Kong,  Russia, U.S., U.K.)

About Visa 

Visa Inc. (NYSE: V) is a world leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. Our relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit visa.ca, visa.com/blog and @VisaCA.

SOURCE Visa Canada

Media Contact: Melissa Vekil, Visa Canada, [email protected], 647-244-0425