TORONTO, Oct. 30, 2023 (GLOBE NEWSWIRE) — Today, Visa and BMO announced a new collaboration that will enable eligible BMO credit cardholders to access the Installed Payments service offered by Visa. This convenient payment solution, expected to launch in 2024, will allow consumers to convert eligible purchases into smaller, equal payments over a set period of time. BMO will be the last Canadian issuer to introduce Visa payments since its product launch in 2021.

“Visa is pleased to expand its installment program in collaboration with BMO, offering more Canadians expanded payment options and greater control over their budget,” said Dan Iwachiw, Vice President and Chief Operating Officer. Visa Canada product. As the need for flexible payment options continues to grow worldwide, we are committed to improving the banking and payments experience for Canadians and merchants to meet their ever-changing needs.

The launch will expand BMO PaySmart™, BMO’s post-purchase credit card installment plan solution. BMO PaySmart™ allows customers to make purchases in person or online and then convert eligible purchases into installment payments through BMO Online Banking. Customers can then make their payments in installments as part of their monthly credit card payments. During times of economic uncertainty, customers can turn to BMO PaySmart™ to stay in control of their finances through smaller, more predictable payments.

With this new offer, customers can easily choose an installment payment option that suits their budget at the time of purchase from participating retailers. As with any installment planBMO PaySmarttm customers can then view and manage these plans through BMO Online Banking.

The popularity of installment plans for credit card purchases continues to grow in Canada and we are pleased to work with Visa to offer innovative features to BMO credit card customers in Canada, said Andras Lazar, Vice President – ​​President of Products, Partnerships and Innovation at BMO. This new option builds on BMO PaySmart™ and offers customers greater flexibility and convenience so they can make real financial progress.

Visa-enabled installment payments provide issuers, processors and merchants with an installment payment option for their customers. For more information about installment payments with Visa, see:Visa.ca/triments.

For more information about BMO PaySmart(TM), please visitBMO.com/paysmart.

About visas

Visa (NYSE:V) is a global leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and governments in more than 200 countries and territories. Our mission is to connect the world through an innovative, convenient, reliable and secure payment network and help individuals, businesses and economies thrive. We believe that economies should be accessible to all and believe that access to them is fundamental to the future of monetary circulation. To learn more, visit Visa.com

About BMO Financial Group

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.25 trillion as of July 31, 2023. Serving customers for over 200 years, BMO has a diverse team of highly dedicated employees offering a broad range of personal and commercial banking, wealth management, global markets and financial services products and services. The company invests more than 13 million customers in Canada USA and select markets worldwide. Driven by a single purpose to boldly promote the good in business and life, BMO is committed to driving positive change in the world and working toward a thriving economy, a sustainable future and an inclusive society.

Media contact:
Tracy Truong, Visa Canada
[email protected]

Communiqué forwarded October 30, 2023 08:05 and distributed by: