According to the press release, Scotiabank is the first Canadian issuer to announce it will leverage Visa's Installments capability to offer its Visa credit card customers more choice in how they pay for purchases made on their credit cards, and ultimately more control over their budget. Eligible Canadian Scotiabank Visa credit cardholders will be among the first customers globally to enjoy the flexibility Visa Installments will provide, using their existing Scotiabank credit card accounts.
With the rollout, which is scheduled to begin in August 2021, any eligible Scotiabank Visa credit card customer who chooses to take advantage of the new payment instalment option called Scotia SelectPay can split qualifying purchases they have already made on their card.
Moreover, Visa is also planning to launch Visa Installments with Canadian issuers at participating merchants during the checkout process. This will provide those issuers' customers making a qualifying purchase with their credit cards the choice to pay in instalments during their transaction.
Overall, the launch brings the following benefits:
Eligible cardholders will have expanded purchasing options, empowering them to decide how and when they may pay for items with the cards already in their wallets/digital wallets. Shoppers can leverage existing credit with their banks, without submitting new loan applications, credit checks, or downloading a new app.
Merchant Benefits: With a single integration, merchants may enable instalment offers for eligible cardholders from participating issuers, without customers needing to sign up for a new service.
Issuer and Acquirer Benefits: With Visa Installments, issuers can offer their cardholders the added benefit of flexibility with the cards they already have. Acquirers will be able to offer new value-added services as part of their seller offering.
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