Royal Bank of Canada is the latest lender to tap into Visa's BNPL technology to offer its credit cardholders the option of paying for purchases in instalments.
The deal means that eligible RBC personal credit cardholders can convert a qualifying purchase into smaller, equal payments made over a defined period of time when shopping at participating merchants across Canada - both in-store and online.
Launched in Canada last year, Installments enabled by Visa means that shoppers can use their existing credit without submitting new loan applications, completing credit checks, or downloading a new app.
Leah Napier, VP, retail cards, RBC, says: "Together, we’re excited to offer consumers another payment option that provides greater flexibility, affordability and simplicity when they shop - all seamlessly integrated within their existing RBC credit card product."