Royal Bank of Canada has formed a strategic alliance with Alliance Data’s Bread to launch PayPlan by RBC, a pay-over-time digital payments solution.
RBC is leveraging Bread’s white-label digital payments platform to expand its payment solution offerings for Canadian merchants. This partnership is designed to bring more consumers transparent and convenient payment options for big-ticket purchases through participating retailers and merchants throughout Canada.
“As Canadians increasingly shop online, we’re helping retailers provide greater convenience to consumers through this simple pay-over-time option,” said Amit Sadhu, Vice-President of Personal Lending, RBC. “Our alliance with Bread ensures PayPlan by RBC seamlessly integrates into a consumer’s existing online checkout experience as a secure and convenient e-commerce payment option. This is one of the ways we’re reimagining experiences to meet the evolving expectations of Canadians, and offering them more options to pay for larger purchases at competitive rates.”
Bread, which pitches itself as the “buy now, pay later platform,” is a digital payments company that provides personalized payment options for customers through a platform built with a suite of APIs that allow for merchants and partners to integrate point-of-sale financing and other digital payment products anywhere in their customers’ shopping journey.
“We’re thrilled to work with RBC, the largest bank in Canada, to expand our reach and provide a robust digital payment solution at the point-of-sale, giving shoppers convenient payment options and more choices at checkout,” Derek Joyce, president of Bread, said in news release.
“We know that through this strategic alliance, we can help thousands of RBC’s merchant partners increase their e-commerce sales and profits. Together with RBC, we’ll work toward fulfilling our mission of offering more ways for people to pay globally,” he continued.
To read more about the news, visit the full news release.