The Installments service represents a payment option enabled by Visa, and it is expected to be launched in 2024. The service allows consumers to convert qualifying purchases into smaller, equal payments over a defined period. Through this partnership, BMO will become the latest Canadian issuer to introduce instalments in partnership with Visa.
In the company press release, representatives from Visa Canada expressed Visa's enthusiasm about extending their instalment program in collaboration with BMO. They emphasised that this initiative aims to offer Canadians increased payment options and more control over their budgets. They also talked about Visa's commitment to advancing the banking and payment experience to cater to the evolving needs of Canadians and merchants in the context of an increased demand for flexible payment options.
This launch will build upon BMO's existing post-purchase credit card-based instalment plan solution, known as BMO PaySmart. The solution allows clients to make purchases in-person or online and subsequently convert eligible transactions into instalment plan payments through BMO Online Banking. These instalment payments can then be managed as part of the clients' monthly credit card statements.
The new offering is designed to simplify the process of selecting an instalment option that aligns with the client's budget at the time of purchase when dealing with participating merchants. Just like any BMO PaySmart instalment plan, clients will be able to monitor and manage these plans through BMO Online Banking.
Officials from BMO talked about this new partnership with Visa and noted that this new option will synergise with BMO PaySmart, providing customers with more flexibility and convenience, thereby facilitating their financial progress.
In August 2023, BMO has announced the launch of a mobile wallet for virtual cards in partnership with Mastercard and spend management platform Extend.
US and Canada-based BMO Commercial Bank clients are now enabled access to an improved payment management functionality with the introduction of Extend for the BMO app. The app features new functionality that will provide cardholders with the ability to create and push virtual cards to their employees’ mobile wallets, allowing them to spend wherever contactless payments are accepted.
The announcement detailed BMO as being among the first global Mastercard issuers to offer contactless virtual cards through its cobranded Extend for BMO app, marking an expansion of the payment functionality BMO announced in December 2022.
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