Citi Philippines announced on Wednesday that it has forged an agreement with Global Payments Inc. to bring back Citi’s merchant installment facility, 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.
“During this time of uncertainty brought about by the pandemic, Citi and Global Payments want to provide customers with more flexible payment options when they purchase high-ticket items, pay for school tuition fees or healthcare expenses,” the bank said in a statement.
Currently, Citi PayLite is already available for purchases at some merchants across various categories such as gadgets, appliances, department store/shopping, education and healthcare and medical.
The bank said it is “aggressively growing their merchant portfolio”, to expand 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.
By March 2022, Citi PayLite 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.
“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 we are happy to announce the return of Citi PayLite, so our customers enjoy the advantage and convenience of paying in installment.”