Royal Bank of Canada is moving into the buy now, pay later realm through a partnership with Alliance Data's Bread.
PayPlan by RBC offers consumers a pay-over-time option for big-ticket purchases at online retailers throughout Canada.
Consumers can apply at participating merchants by clicking on the PayPlan by RBC button before completing checkout. Once approved, interest rates, terms and monthly payment amounts are provided within seconds. Shoppers select their payment term, check out and pay in monthly installments with no late fees, no administrative fees and no deferred interest.
“As Canadians increasingly shop online, we’re helping retailers provide greater convenience to consumers through this simple pay-over-time option,” says Amit Sadhu, VP 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.”
Alliance Data agreed a $450 million stock and cash acquisition of buy now, pay later firm Bread in October. The company currently claims 400 clients for its API-first installment and BNPL suite.