Citi to launch BNPL ‘card’

The Australian bank is set to launch a digital buy now, pay later offering for customers that can be used anywhere Mastercard is accepted.

Citi Australia has confirmed that it will be launching a new proposition that enables customers to pay for goods up to the value of $1,000, which can then be repaid in four instalments over six weeks.

The digital buy now, pay later (BNPL) offering will be accepted wherever Mastercard is accepted (either locally or overseas) and can be linked to any deposit account.

Unlike credit cards, the product will not charge customers any interest.

The product, which will be launched under a yet-to-be-announced brand (given Citi’s impending sale of its consumer banking arm in Australia), is expected to be rolled out in the third quarter of this year.

Consumers will also be able to access longer-term repayments or larger lines of finance “for a small fee”.

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Source: Citi to launch BNPL ‘card’ – Mortgage Business