Royal Bank of Canada Goes Buy Now, Pay Later through a partnership with Alliance Data’s Bread.
PayPlan by RBC provides consumers with an installment payment option for large purchases at online retailers across Canada.
Consumers can apply to participating merchants by clicking the PayPlan by RBC button before completing payment. Once approved, interest rates, terms and monthly payment amounts are provided within seconds. Buyers choose their payment term, check, and pay in monthly installments with no late fees, no administrative fees, and no deferred interest.
“As Canadians increasingly shop online, we are helping retailers provide greater convenience to consumers with this easy option of paying over time,” said Amit Sadhu, vice president of personal loans, RBC. “Our alliance with Bread ensures that PayPlan by RBC integrates seamlessly with a consumer’s existing online payment experience as a secure and convenient e-commerce payment option.
Alliance Data agreed to a $ 450 million stock and cash acquisition to buy now, later pay the Bread company in October. The company currently claims 400 customers for its first API installment and BNPL suite.