Visa, BMO expand flexible payment options in Canada with installments plans

Visa and BMO announced a new collaboration to provide eligible BMO credit cardholders access to Installments, enabled by Visa. The convenient payment option is expected to launch in 2024 and enables consumers to convert qualifying purchases into smaller, equal payments made over a defined period of time. BMO will be the latest Canadian issuer to launch installments with Visa since its product launch in 2021. The launch will expand on BMO’s post-purchase credit card-based installment plan solution, BMO PaySmart. With BMO PaySmart, clients can shop in-person or online, and later convert eligible purchases into installment plan payments through BMO Online Banking. This new offering will make it simple for clients to select an installment option that fits their budget at time of purchase with participating merchants. Like any BMO PaySmart installment plan, clients can then view and manage these plans through BMO Online Banking.