Visa announced that it is collaborating with Global Payments and Desjardins to bring Visa Installments to participating Canadian merchants and eligible credit cardholders. Visa Installments is a new option to convert qualifying purchases into smaller, equal payments made over a defined period of time using an eligible credit card. Canadian merchants will soon be among the first globally to enjoy the benefits of Visa Installments, offering shoppers more choice and flexibility in how they pay for purchases.

Global Payments is enabling its merchant customers to offer Visa Installment options to their consumers. With a single integration, merchants will have the ability to enable installment offers for eligible cardholders, without having to sign up for a new service. In turn, eligible credit cardholders can choose whether to pay in smaller, regular amounts at the point of purchase with their existing credit card.

In addition, issuers enabled for Visa Installments will be able to offer their credit cardholders installment options at participating Global Payments merchants. In collaboration with Visa and Global Payments, Desjardins will be among the first to enable Visa Installments, and offer its eligible cardholders the ability to pay in equal payments over a defined period of time at participating merchants. The growth in installments across Canada and around the globe is being driven by rising consumer demand for more flexibility in payment options, and strong merchant interest in finding new ways to compete in the market and bring shoppers more ways to pay.

When installments are available as a payment option at checkout, there is a proven increase in the average ticket size of purchases and a rise in the average conversion rate for shoppers. Installments represent a growing portion of the payments market, accounting for over $1.7 trillion CAD of global payment volume.2 This momentum has been reflected in the Canadian market with the adoption of installments increasing 30% in the last year alone, with the in-country payment opportunity expected to be about $50 billion annually. Installment payments represent a significant segment of the payments ecosystem globally, and it is growing rapidly here in Canada.

Visa Installments aims to provide an innovative, differentiated solution that will help the payments ecosystem meet the increasing demand for buy now, pay later alternatives. Consumer Benefits: Eligible cardholders will have expanded purchasing options, empowering them to decide how and when they may pay for items with the cards already in their wallets/digital wallets. Shoppers can leverage existing credit with their banks, without submitting new loan applications, credit checks, or downloading a new app.

Merchant Benefits: Offering installments at checkout has been proven to increase the average purchase total and shopping cart conversion rate.4 With a single integration, merchants may enable installment offers for eligible cardholders from participating issuers, without customers needing to sign up for a new service. Issuer and Acquirer Benefits: With Visa Installments, issuers can offer their cardholders the added benefit of flexibility with the cards they already have. Acquirers will be able to offer new value-added services as part of their seller offering.