TORONTO, Oct. 30, 2023 -- Today, Visa and BMO announced a new collaboration to provide eligible BMO credit cardholders access to Installments, enabled by Visa. The convenient payment option is expected to launch in 2024 and enables consumers to convert qualifying purchases into smaller, equal payments made over a defined period of time. BMO will be the latest Canadian issuer to launch installments with Visa since its product launch in 2021.
“Visa is thrilled to extend our installment program in collaboration with BMO, offering more Canadians increased payment options and greater control over their budgets," says Dan Iwachiw, Vice President and Head of Product, Visa Canada. "As the need for flexible payment options continues to grow globally, we’re committed to advancing a banking and payment experience for Canadians and merchants to meet their evolving needs.
"The launch will expand on BMO’s post-purchase credit card-based installment 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 installment payments as part of their monthly credit card payments. As clients continue to face economic uncertainty, they can turn to BMO PaySmart™ to maintain control with smaller, predictable payments.
This new offering will make it simple for clients to select an installment option that fits their budget at time of purchase with participating merchants. Like any BMO PaySmart™ installment plan, clients can then view and manage these plans through BMO Online Banking.
“As the popularity of installment plans for credit card purchases continues to grow in Canada, 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 & Innovation at BMO. “This new option builds on BMO PaySmart™, offering 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. For more information on Visa Installments, visit: Visa.ca/installments.
For more information on BMO PaySmart™, visit: BMO.com/paysmart.