Royal Bank Adds Installments Payments

The Royal Bank of Canada (RBC) has added installment plans enabled by Visa. Launched by Visa in Canada last year, it allows eligible personal credit cardholders who are shopping at participating merchants to choose to make payments over a defined period of time. The cardholders can do so by leveraging their existing credit, so they won’t have to submit a new loan application, complete a credit check, or download a new app. The offering enables retailers, issuers, and processors to meet the growing consumer demand for financing solutions like installment payments and buy now, pay later (BNPL).