Visa Installments rolling out in Canada with Global Payments and Desjardins
Visa Installments rolling out in Canada with Global Payments and Desjardins
TORONTO, July 13, 2021
Visa, Global Payments and Desjardins Group (Desjardins) will enable merchants to offer flexible payment options to eligible credit cardholders with Visa Installments
TORONTO , July 13, 2021 /CNW/ - Visa today announced that it is collaborating with Global Payments, a leading worldwide provider of payment technology and software solutions, and Desjardins, North America's leading financial cooperative group, 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. 1 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 per cent in the last year alone, with the in-country payment opportunity expected to be about $50 billion annually. 3
"Installment payments represent a significant segment of the payments ecosystem globally, and it is growing rapidly here in Canada . Market conditions are creating an environment for Visa Installments to thrive as a solution to rising consumer and merchant demand for better payments options, and a better checkout experience," said Brian Weiner , VP and Head of Product and Digital, Visa Canada. "We are thrilled to be able to provide more Canadians with the power of choice through this offering with Global Payments and Desjardins."
"We are excited about the opportunity to collaborate with Visa and Desjardins to enable our merchant clients the ability to offer best-in-class installments payment options that allow their customers to choose when and how they want to pay," said Rene Belanger , President, Canada and Latin America , Global Payments. "With a unique position in the market, Global Payments is at the forefront of rapidly shifting merchant and consumer payment behaviours and expectations. We believe the time is right for installments, to address the growing merchant and consumer demand for innovative, flexible payment options, furthering our commitment to helping drive growth for our merchant customers through leading payment technology and software solutions."
"We're excited to collaborate with Visa and Global Payments to offer Visa Installments to Desjardins credit cardholders. It allows us to add an innovative payment solution to our offerings and to better meet our members' and clients' changing needs," said Yann Jodoin , Vice-President, Payment and Retail Product Officer, Desjardins.
Visa Installments: A solution built for scale
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.
For more information on Visa Installments, visit: visa.ca/installments .
Visa Inc. (NYSE:V) is a world leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. Our relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit visa.ca , visa.com/blog and @VisaCA .
About Global Payments
Global Payments Inc. (NYSE:GPN) is a leading payments technology company delivering innovative software and services to our customers globally. Our technologies, services and team member expertise allow us to provide a broad range of solutions that enable our customers to operate their businesses more efficiently across a variety of channels around the world.
Headquartered in Georgia with nearly 24,000 team members worldwide, Global Payments is a Fortune 500 ® company and a member of the S&P 500 with worldwide reach spanning over 100 countries throughout North America , Europe , Asia Pacific and Latin America . For more information, visit www.globalpayments.com and follow Global Payments on Twitter ( @globalpayinc ), LinkedIn and Facebook .
About Desjardins Group
Desjardins Group is North America's largest financial cooperative and the fifth largest in the world, with assets of $377.0 billion . In 2020 it was ranked by Forbes magazine as one of the world's Top 100 Employers. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, online platforms and subsidiaries across Canada . Ranked among the world's strongest banks according to The Banker magazine, Desjardins has one of the highest capital ratios and credit ratings in the industry.
1 Euromonitor research: Interbank Cards Centre of Turkey
2 Euromonitor International 2020 Installment Sizing Report for Visa Inc.
3 Euromonitor Consulting Data Compilation for Visa Inc. ($CDN)
4 Source: Euromonitor research, Interbank Cards Center of Turkey
SOURCE Visa Canada
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