Foreign bank Citi and Global Payments Inc., a worldwide provider of payment technology and software solutions, have forged a new agreement to bring back Citi’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. For example, a transaction worth P3,000 can be split into three monthly installments of P1,000.
Citi is 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. According to Citi, it has close to one million credit cards in force in the Philippines.
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“Our cardholders have the highest purchasing power, disposable income, and credit limits,” said Manoj Varma, head of Consumer Business, Citi Philippines. “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.”
By March 2022, Citi PayLite will be available in nearly 5,000 outlets serviced by Global Payments 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,” said Bryan Tiongson, country head, Global Payments in the Philippines.