Citi Retail Services is expanding its embedded payments strategy with its suite of Citi Pay products.
Citi Bank expands embedded payment
According to a recent Citi study, 85% of Americans surveyed agree that retailers need to have flexible payment options for consumers to use at checkout.
“Citi Pay products enable us to move at the speed of retail and position us at the digital intersection space of merchants and customers,” said Kartik Mani, CEO of Citi Retail Services and Global Head of Connected Commerce.
“This is our next step forward in the evolution of trusted payments solutions which puts customers in control of how they want to finance their purchases and offers merchants more opportunity to drive sales of greater value.”
The first Citi Pay product is now available: Citi Pay Credit is a digital-only credit card and dedicated line of credit for customers to make purchases at participating retailers:
Independent line of credit: provides a new credit line that is separate from the Citi credit cards that customers may already have in their wallets. It allows customers to be intentional when making large or unexpected purchases at participating retail partners.
Promotional rate financing: allows participating retail partners to offer their customers promotional financing. Additionally, customers can opt for a major purchase plan based on what the retailer offers.
Real-time approval: Customers interested can apply for it directly within the checkout process at participating retailers, prior to the completion of their purchase, and receive a real-time credit and authorization decision.
In the coming months, Citi Pay Instalment Loan will be introduced, enabling consumers to pay through a monthly instalment loan at participating retailers offering the payment solution, backed by the trust and security of Citi.
Customers will have the option to pay the full purchase amount in equal, consistent payments over a period of 6 to 60 months based on the retailer.
Citi Pay Credit and Instalment Loan are “just the start of what is to come as the business looks forward to the opportunities and sustained long-term relationships Citi Pay opens for Citi, its merchant relationships and customers”.
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