Citi Philippines and worldwide payment technology provider Global Payments Inc. Have entered into a partnership to launch the bank’s merchant installment facility, Citi PayLite.
Citi PayLite is an installment facility that allows Citi credit cardholders to split their purchases of at least P3,000 at participating merchants into equal monthly installments for 3, 6, 9, 12, 24 or 36 months depending on the amount of the purchase and the terms of the participating merchant, the bank said in a statement on Friday.
For instance, Citi Philippines said a transaction worth P3,000 can be split into three monthly installments of P1,000, making purchases lighter and giving cardholders more room to manage their monthly expenses.
Citi PayLite is available for purchases at leading merchants across a wide range of categories such as gadgets, appliances, department store/shopping, education and healthcare and medical.
By March 2022, Citi Philippines said its merchant installment facility will be available in nearly 5,000 outlets serviced by Global Payments in the Philippines including key merchants such as Abenson, Power Mac Center, Rustan’s, Stores Specialists, Inc., and The SM Store.
The bank said it is aggressively growing its merchant portfolio, expanding to hundreds of brands and thousands of outlets nationwide, to ensure that Citi PayLite is available in more locations by the end of the year.
“Citi enjoys a rich history in the Philippines, having been established here for 120 years and we take pride in our global network and in being the largest international player in the cards business. Here in the Philippines, we have nearly one million credit cards in force,” said Citi Philippines Consumer Business head Manoj Varma.
“Our cardholders have the highest purchasing power, disposable income, and credit limits. So we constantly challenge ourselves to serve them better, which is why are happy to announce the return of Citi PayLite, so our customers enjoy the advantage and convenience of paying in installment,” Varma said.
For his part, Bryan Tiongson, Global Payments country head of the Philippines, said, “We are delighted to expand our partnership with Citi to offer Citi PayLite to their cardholders and our merchant customers in the Philippines. By leveraging our technologies and extensive scale in the region, we have the capability to bring Citi PayLite installments to a broader range of customers.”