Visa expands payment options for Amazon customers with installments plans

According to the press release, when shopping online on Amazon.ca or on the Amazon app, eligible RBC and Scotiabank credit cardholders will now have the option to select Instalments enabled by Visa as their method of payment for qualifying purchases.

This payment option is now available and enables eligible consumers to convert their purchases into smaller, fixed payments made over a defined period.

Visa has announced a new collaboration with Amazon that will provide Canadian consumers with more choice at checkout.

Officials at Visa announced the introduction of their instalment solution on Amazon facilitated through two of Canada’s leading issuers. This initiative aims to provide more consumers with diversified payment methods and greater financial control while shopping with the online merchant.

Instalments are gaining momentum in Canada as a preferred payment method among consumers. According to Visa research, more than half of Canadians (58%) are interested in using instalments and it is projected that by 2026, this payment method is expected to account for nearly one-quarter of all global ecommerce transactions.

Instalments enabled by Visa provide issuers, processors, and merchants with a better payment option to meet customers where they are. Together, Visa and Amazon are working to bring this payment option to more consumers around the world.

Other recent news from Visa

In June 2024, Pyypl, a consumer fintech company in the Middle East and Africa region, announced its partnership with Visa and its Principal Licence Membership. Following this announcement, the licence would enable Pyypl to directly and securely issue prepaid Visa cards from its UAE headquarters, as well as a strategic framework agreement that aims to accelerate the company’s overall international expansion across the GCC and Africa, alongside the mission to democratise access to financial services.

In the same month, Lloyds Banking Group and Visa announced the renewal and expansion of their 40-year partnership in the UK. Visa would become the leading scheme provider for Lloyds Banking Group’s Lloyds Bank, Halifax, Bank of Scotland, and MBNA brands. As part of the partnership, Lloyds Banking Group and Visa plan to introduce a range of products and services across the Group’s brands. These offerings aim to assist customers in managing their financial and lifestyle needs, with enhanced use of Visa’s fraud prevention capabilities.