Citi Retail Services is adding new point-of-sale (POS) lending capabilities to its built-in payment services.
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The new set of Citi Pay products can be integrated into existing payment platforms of retailers. This integration allows to offer installment loans, revolving credit lines, and other payment options to consumers. The relevant information is contained in the company’s press release, which was published last Wednesday, May 10.
Kartik Mani, CEO of Citi Retail Services and global head of connected commerce, says that the emergence of new lending options represents the next step of the firm in the development of payment solutions that provide customers with the ability to control the financing of purchases. Sellers in this case can increase sales volumes.
The results of consumer surveys indicate that they are ready to use many new payment options, the number of which has been steadily increasing over the past few years.
Traditional forms of payment still occupy a leading position in the rating of customer preferences, but innovative options have already strengthened as a widespread method.
The first product of Citi Pay is Citi Pay Credit, a credit card designed only for digital devices, and a dedicated credit line that exists independently of the company’s means of payment, which customers may already have. This financial solution allows sellers to offer discounted prices within the framework of promotions and make a decision on credit and authorization during the checkout process.
In the coming months, the Citi Pay installment loan service will be launched. This solution will allow consumers to pay the full amount of the purchase in equal installments in the period from 6 to 60 months, depending on the conditions of the retailer.
Terry O’Neill, head of Connected Commerce and Strategic Growth Initiatives at Citi Retail Services, says that the company continues to provide customers and sellers with secure and flexible payment methods, and also strengthens its commitment to point-of-sale lending by launching special products. Over the next few years, the firm will expand Citi Pay’s offerings with new products and capabilities.
Amit Agarwal and Debopama Sen, global co-heads of Payments and Receivables, Treasury and Trade Solutions (TTS) at Citi, argue that the technology sector and commerce are currently experiencing a generational shift. They talk about the need for new thinking, which provides for the concept of perceiving the retail space as a territory with conflict-free and simple payment methods.
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