Designed with both customers and merchants in mind, the new products are set to provide a digital-first, consumer finance journey in partner checkout processes, aiming to offer customers at checkout increased budgeting and financing flexibility.
Based on the information provided in the press release. A Citi study showcases that 85% of the Americans surveyed are in agreement that retailers should have flexible payment options that consumers can leverage at checkout.
Citi Pay payment products can integrate into participating retail partners’ payment platforms in an expedited manner and can enable customers with more payment options including revolving lines of credit and instalment loans, among others.
Kartik Mani, CEO of Citi Retail Services and Global Head of Connected Commerce advised that Citi Pay products enable the company to ‘move at the speed of retail’ and place them at the digital intersection space of merchants and customers. The spokesperson added that the launch aims to be a step forward in the evolution of trusted payments solutions, putting customers in control of how they want to finance purchases and providing merchants with increased opportunities for driving sales.
The first available Citi Pay product is Citi Pay Credit, a digital-only credit card and dedicated line of credit for customers to carry out purchases at participating retailers that provide Citi Pay Credit. Capabilities of the Citi Pay Credit solution include:
Independent line of credit. Citi Pay Credit offers a new credit line separate from the Citi credit cards that customers might have in their wallets, enabling them to be intentional when making large/unexpected purchases at participating retail partners.
Promotional rate financing. Citi Pay Credit lets participating retail partners provide their customers with promotional financing, whereas customers can select a purchase plan based on the retailer’s offering.
Real-time approval. Customers wanting to leverage Citi Pay Credit are enabled to apply for it directly within the checkout process at participating retailers, ahead of completing their purchase, and receive real-time credit and authorisation decisions.
The announcement further details that in the months to come, Citi Pay Instalment Loan is set to be introduced, allowing consumers to carry out payments through a monthly instalment loan at participating retailers providing the payment solution, backed by Citi’s trust and security. Additionally, customers will be offered the option to pay the entire purchase amount in equal, consistent payments over the course of six to 60 months, based on the retailer.
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