FinTech: VISA Ties With Nuvei, Tender Retail, To Offer BNPL To Canadians

October 18, 2022 | FinTech, News

The collaborations will allow Visa to offer installments payments to eligible card-holders.

Shoppers at at some of Canada’s largest retailers including Simons, Canada Computers, Soft Moc, and Trévi, will soon be offered an option to pay for their qualifying purchases through smaller, predictable “Installments” payments made over a defined period using an eligible Visa (NYSE: V) credit card.

Visa has teamed with payment technology business and acquirer Nuvei to help credit cardholders access to Installments through Nuvei’s retailer network in Canada. (CISION

Furthermore, Visa and Tender Retail, a provider of middleware payment solutions for enterprise retail, are aiming to bring Installments “to their suite of retailers looking to expand in-store payment options and unlock untapped spending power.”

The card giant’s move comes after research showed that shoppers spent more and more shoppers completed their purchases if an Installments payment option was available at checkout.

According to a report by Deutsche Bank, 46 % of customers who use an Installments or Buy Now, Pay Later (BNPL) option at checkout, said their business would have been lost without the option, while 41% said they would have delayed their purchase.

“We’re excited to work with these organizations to provide eligible credit cardholders with more choice and flexibility in the way they want to pay,” said Brian Weiner, vice-president and head of product and digital, Visa Canada. “Together, we’re helping Canadian merchants stay competitive and ahead of ever-changing consumer preferences.”

Related Story: Finastra To Offer Banks Cross-Border Payments Via Visa Direct

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