2023-05-10 13:04:46 ET
In an effort to provide its customers more payment options, Citigroup's ( NYSE: C ) retail-services arm debuted a new digital-only credit card for customers seeking to make large or unexpected purchases at participating retailers, it said Wednesday.
The card, dubbed Citi Pay Credit, allows merchants to offer their customers promotional financing, and customers can opt for a major purchase plan based on what the retailer offers.
Citi Retail Services is also planning to debut an installment-loan product in the coming months to enable consumers to pay off a purchase in equal monthly installments over a period of six to 60 months based on the retailer, underscoring the lender's focus on point-of-sale financing.
The moves come as 85% of U.S. consumers surveyed by Citi ( C ) concurred that merchants need to have flexible options for consumers to use at checkout.
“We will expand our Citi Pay offerings over the next several years with new products and capabilities designed with the merchant community and customers in mind,” said Terry O’Neil, head of Connected Commerce and Strategic Growth Initiatives for Citi Retail Services.
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Citigroup expands payment capabilities with new credit card