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Mastercard (NYSE: MA) has recently announced the expansion of its Installments Payment Services to include Citi’s portfolio of branded credit cards in the U.S., bringing millions of cardmembers more access to payment flexibility at the point of sale. Via Citi Flex Pay, cardmembers are able to split purchases into predictable payments during the checkout process. Citi will reportedly be the first U.S. issuer to join Mastercard’s Installments Payment Services platform, making Citi Flex Pay available to its partners.
Demand for pay-over-time solutions remains steady as consumers want more flexibility, convenience and control in “how they manage their finances.”
The majority or 74% of surveyed U.S. credit cardholders said they would be more likely to use “a credit card that offers an installment plan, and 73% said they would be more likely to make a larger purchase if their credit card offered the option to pay over time.”
Citi Flex Pay offers a pay-over-time solution built into Citi credit cards that allows cardmembers to split “eligible purchases into fixed monthly payments with no additional applications, credit lines or credit checks required.”
Via the integration with Mastercard Installments Payments Services, Citi cardmembers can choose to pay over time directly “at checkout, whether shopping with their Citi credit card online, in-app or via a digital wallet with participating partners.”
Customers will also be able to avail the same security (tokenization), dispute resolution and Zero Liability Protection they have come to expect from Mastercard.
Seema Chibber, Executive Vice President, Core Products, Mastercard has said that this launch marks another step forward in “giving more consumers greater choice and control in how they pay.”
Chibber also noted that by adding Citi’s portfolio to their Installments Payment Services, they’re making “flexible, simple and secure payments available to millions of cardholders with the same peace of mind that they receive from other Mastercard products.”
Mastercard Installments Payment Services may now be added into checkout experiences that span industries like consumer electronics, jewelry, home furnishing. At participating retailers, customers will “automatically see Citi Flex Pay installment plan options at checkout, bringing more access to flexible payments.”
Abhinav Anand, the Head of U.S. Value and Unsecured Lending, Citi said that the pay-over-time industry has continued to grow “because it addresses a real consumer need for flexibility.”
Anand added that they’ve built a solution with Citi Flex Pay that is convenient, easy-to-use and brings “real value” to cardmembers.
They also mentioned that together with Mastercard, they are now bringing more access to flexible payments directly at checkout, “creating a seamless experience for customers and retailers.”
Citi cardmembers are now able to start using Citi Flex Pay at the time of checkout across various merchants currently participating in Mastercard Installments Payment Services beginning this year.
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