POS Instalment Loans & Credit Lines Add To Citi’s Payment Suite

Citi Retail Services is making it easier for retailers to offer lines of credit and installment loans at the point of sale. This is a way to improve its embedded payments.

Citi, a big bank, says its study shows that 85% of Americans agree that stores need to give customers a variety of ways to pay when they check out. It will do this by making a set of Citi Pay products that can be quickly added to the current payment systems of retail partners.

The first product is Citi Pay Credit, which is a credit card that can only be used online and a line of credit that customers can use to buy things at partner stores. Customers can apply at the register and get an answer right away.

This will be followed by the Citi Pay Instalment Loan in the next few months. This loan will let shoppers pay for goods over a period of six to sixty months, depending on the store.

Kartik Mani, CEO, Citi Retail Services, says: “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.”