RBC and Alliance Data’s Bread® form strategic alliance to provide Canadians with more ways to pay with PayPlan powered by RBC
TORONTO, January 28, 2021 - As more Canadians turn to online shopping, RBC has launched a new way for Canadians to pay for their purchases. PayPlan by RBC offers consumers a transparent and convenient pay-over-time solution for big-ticket purchases at participating retailers and merchants throughout Canada. This new payment option is made possible through a market-leading digital payment platform provided by Bread, a division of Alliance Data.
This innovative solution is yet another example of how RBC is working with fintechs to meet the unique needs of Canadians. Launched last fall, PayPlan by RBC offers a simple way to “buy now and pay later”, with a wide range of transparent terms, no late fees and greater payment flexibility, giving consumers more choice in how they manage their cash flow.
“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.”
Consumers can apply at participating Canadian merchants by clicking on the PayPlan by RBC button before completing checkout. The process is fast and simple, and once approved, competitive rates, terms and monthly payment amounts are provided within seconds. Shoppers select their payment term, check out and pay in simple monthly installments with no late fees, no administrative fees and no deferred interest.
“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,” said Derek Joyce, President, Bread. “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.”