Scotiabank is introducing a new product, Scotia SelectPay, that gives customers the power to turn their credit card balances into preset monthly installments.
Headquartered in Toronto, Canada, the legacy banking institution is offering its Visa credit card users the ability to extend payments over time for purchases in excess of $100 made in-store or online. With SelectPay, installments can be broken down into fixed payments across three, six or 12 months.
“Our customers told us that they’re looking for more options to help them manage their finances,” Brett Mooney, senior vice-president of credit cards and lending at Scotiabank, said in a press release on Wednesday (Aug. 4).
Mooney said the new product gives customers “more flexibility in how they pay for purchases.” Moreover, people also maintain the “rewards and lifestyle benefits” that are already part of the Scotia Visa card.
Card purchases can be converted to Scotia SelectPay via the bank’s mobile app or via Scotiabank’s website. Users who switch to SelectPay will not be required to reapply for the product or go through a credit check.
“Scotiabank offers market-leading credit card products, and Scotia SelectPay is another example of how we’re listening to our customers and providing them with flexible solutions to meet their overall lifestyle and financial needs,” Mooney said.
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Scotiabank, which was founded more than 150 years ago, provides banking and wealth management services to households and businesses. In addition, the legacy financial institution delivers products and services for private, corporate and investment banking, as well as capital markets, according to the press release.
Some 90,000 people make up the bank’s workforce. Scotiabank has an estimated $1.1 trillion in assets as of April 30 and trades on the Toronto Stock Exchange and the New York Stock Exchange under the ticker BNS for both exchanges.