Visa has partnered Amazon to expand payment options for Canadian shoppers, offering the credit card company’s Installments Enabled by Visa.
Eligible Royal Bank of Canada and Scotiabank credit cardholders can opt for Installments enabled by Visa when making purchases on Amazon.ca or the Amazon mobile app. What does this mean? Consumers can pay off smaller, fixed amounts over a specified period.
“We are excited to offer our installments solution on Amazon through two of Canada’s leading issuers, granting more consumers access to diversified payment methods and greater financial control with one of the world’s largest online merchants,” said Dan Sanford, Head of Product for North America at Visa, in a statement. “Recognizing the growing demand for flexible payment options, we are committed to enhancing the end-to-end payment experience for Canadians to address their evolving needs.”
Installment payments are becoming increasingly popular in Canada, with Visa research indicating that 58% of Canadians are interested in using this option. Predictions suggest that by 2026, installment payments will make up nearly a quarter of all global e-commerce transactions.
“At Amazon we are always looking to innovate and improve the shopping and paying experience for our customers,” said Tyler Aldrich, Director, Amazon Payment Products, in a statement on Thursday. “Together with Visa, we’re pleased to offer customers greater choice, enabling customers to pay for their online purchases in ways that are convenient for them.”
Visa and Amazon say they are working to make this payment method available to more consumers around the world. This announcement comes ahead of Amazon’s Prime Day shopping event set for July 16-17.
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This is not good for consumers in any way. It's only good for Amazon and Visa. Sadly consumers will be blind to this.
Very simple rule of thumb. If you can't pay for it now, don't buy it. It's not rocket science. This is why half of Canadians are in debt. Poor education being taught by parents and the education system. Finances should be a subject in grade 12. Over 128,000 Canadians filed for bankruptcy last year because they over spent.
I can't make my comments any more clear. Payment systems set up like this ONLY help Visa and Amazon, not the consumer.
This isn’t bad for everyone.
e.x. I like buying a new router every few years. I like when they offer 3 month pay later 0% loans and can make some interest on my money for two months instead of paying upfront. Even better when it’s 12 months 0%.
If it’s not 0%, I don’t use pay later.
Agree it’s not a good option when it’s not 0% and can be predatory for anyone who can’t afford to buy items outright.
It's almost like a credit card on top of a credit card. Yay for more debt!
People are finally waking up to how absurdly irresponsible the feds are being at managing the Canadian one, except it's far too late and the only ones who are paying for it are us, the consumer. It's not like wages have increased to compensate for the nonsensical spending. Saving money is a laughable concept with all of the taxes introduced lately combined with the lack of education around finances. Buying the latest iPhone 15 pro max is more important, clearly.