The bank is trialing a new installment-payment program for credit-card holders, allowing clients to split up large purchases over several months—a feature it expects to roll out more widely within the next year. (The Logic)

Talking point: The pilot program will give customers the option to pay for purchases of $250 more in several interest-free payments over three, six or 12 months, according to a promotional email obtained by The Logic. “This marketing promotion plays an important role in helping to understand how customers respond to these types of offers and will inform its rollout,” spokesperson Jeff Roman said. BMO’s push into the rapidly growing BNPL market comes as other Canadian banks, including TD Bank and RBC, roll out products to compete with tech companies like Klarna and Afterpay that offer the service. Canada’s top consumer-finance watchdog has also taken notice of the trend and has conducted research into potential risks associated with the services, The Logic reported last week.