BMO Revolutionizes Affordable Payments with Visa Installments Integration
Bank of Montreal (BMO) has taken a significant step forward in providing Canadian consumers with greater financial flexibility by introducing an Installments by Visa integration, as highlighted by The Fintech Times.
This payment option, designed to empower customers to convert eligible purchases into manageable, equal payments spread over a specified period, is set to launch in Canada in 2024. This marks an expansion of BMO’s existing post-purchase credit card-based installment plan solution, BMO PaySmart.
With BMO PaySmart, clients can enjoy the flexibility of shopping both in-person and online, with the added convenience of subsequently converting qualifying purchases into installment plan payments through BMO Online Banking. These installment payments can then be seamlessly incorporated into their monthly credit card statements. BMO PaySmart serves as a valuable tool for maintaining financial control during turbulent economic times, offering clients smaller and more predictable payments.
Visa Canada’s Vice President and Head of Product, Dan Iwachiw, expressed enthusiasm for the initiative, saying, «Visa is thrilled to offer more Canadians increased payment options and greater control over their budgets. The need for flexible payment options continues to grow globally. As such, we’re committed to advancing a banking and payment experience for Canadians and merchants to meet their evolving needs.»
Under this new offering, clients will find it straightforward to select an installment option that aligns with their budget at the time of purchase from participating merchants. Like all BMO PaySmart installment plans, clients can conveniently monitor and manage these plans through BMO Online Banking.
Andras Lazar, Vice President of Product, Partnerships, and Innovation at BMO, emphasized the popularity of installment plans for credit card purchases in Canada and the collaboration with Visa. «The popularity of installment plans for credit card purchases continues to grow in Canada. As a result, we’re pleased to be working with Visa to bring innovative features to our BMO credit card customers in Canada,» Lazar said. «This new option builds on BMO PaySmart. Furthermore, it offers customers greater flexibility and convenience that helps them make real financial progress.»
Installments enabled by Visa open up new possibilities for issuers, processors, and merchants, providing them with an installment payment solution that enhances the customer experience and financial management. With this integration, BMO aims to empower Canadians with more control over their finances while making affordable payments a reality.