TORONTO, April 4, 2022 /CNW/ - As consumer interest in 'Buy Now, Pay Later' (BNPL) continues to grow, Visa announced today its intention to collaborate with Air Canada, the flag carrier and Canada's largest airline, to facilitate the offering of Visa Installment Solution to eligible credit cardholders, giving Canadian travelers more choice and flexibility over how they pay for their airline purchases. With this collaboration, Air Canada would be among the first airlines globally to participate in Visa Installments Solution.
The popularity and momentum of BNPL services is expanding, especially for large ticket purchases like travel. According to Visa's recent Buy Now Pay Later Global Pulse Survey, one third of Canadians interested in using installments plans would do so for travel and entertainment1.
Visa Installments Solution is offered by participating financial institutions to eligible cardholders to convert qualifying purchases at participating merchants into smaller, equal payments made over a defined period of time. Visa Installments Solution would provide eligible Air Canada customers making a qualifying purchase the flexibility to pay in installments during the checkout process.
"We're excited that an iconic brand like Air Canada has an interest in the Visa Installments Solution," says Brian Weiner, VP and head of product and digital, Visa Canada. "This speaks to the power of having a flexible, ubiquitous product offering that can integrate directly into the cardholder's checkout experience."
"At Air Canada we are focused on elevating the customer experience, and this includes providing our customers with a variety of seamless payment options when shopping with us", says Keith Wallis, senior director Distribution and Payments, Air Canada. "Visa is one of the most trusted brands in Canada and their close collaboration with major Canadian financial institutions provides a unique opportunity to deliver an exceptional shopping experience to our mutual customers."