Walmart Canada and Duo Bank of Canada on Wednesday (Nov. 17) announced the launch of the Walmart Rewards Mastercard installment plan, giving Canadian Walmart shoppers flexible payment options.
The installment plan gives Walmart Rewards Mastercard holders flexible ways to pay for big-ticket items and any items in their shopping baskets. Customers can split their in-store and online purchases of $199.99 or more into six equal installments billed to their Walmart Rewards Mastercard monthly.
Walmart and Duo Bank, which issues the Walmart Rewards Mastercard, are waiving the 2.5% installment plan setup fee for a limited time as part of the launch.
“This is a very exciting new service for our customers and one they’ve asked for,” said Jennifer Jones, vice president, financial products, services and payments, Walmart Canada, in the company announcement. “We’re more than just a place where people shop. We’re a company Canadians rely on for everyday needs, ways to save money and to live better. Offering the flexibility to pay in installments, along with our everyday low prices and Walmart Rewards, is just one more way for us to make a difference in Canadians’ lives.”
Walmart “will continue to expand our financial services offering to provide more access, value and inclusion for all Canadians,” said Jones.
Walmart Rewards Mastercard cardholders have redeemed almost $400 million in Canadian dollars (about $317 million) in Walmart stores and on Walmart.ca since the program launched.
“We are thrilled to deliver this new payment option for Canadians to support holiday shopping and our customers’ ongoing everyday needs,” said Jim Kozack, vice president of product marketing, Duo Bank, in the announcement. “This new program builds on the already strong offering of the Walmart Rewards Mastercard, and provides more flexibility and options for cardholders.”
Related news: Walmart, Target and Others’ Moves Position BNPL as the Hot Item for 2021 Holiday Selling
PYMNTS’ 2021 “Holiday Shopping Outlook: Why Convenience and Personalization Will Be Key,” a Kount collaboration, found that BNPL usage among about 3,650 consumers is expected to more than double this holiday season over last, rising from 1.3% in 2020 to 3% in 2021.
Walmart got on the BNPL bandwagon in 2019 with Affirm, which eliminated the retailer’s layaway plan in favor of Affirm’s point-of-sale financing for the holidays.
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