Citizens Bank rebrands Citizens Pay: Will more banks enter into buy now, pay later?
- Citizens expanded its point-of-lending program for merchants through Citizens Pay.
- The bank has broadened its financing integration to include multiple retail verticals like home improvement and fitness retailers.
Last week, Citizens Bank announced the rebranding of its point-of-sale lending platform for merchants. Citizens Pay provides retailers with consumer credit options for large purchases through fixed monthly payments that can be used for repeat purchases without a new credit application.
Point-of-sale financing and Buy-Now-Pay-Later markets are gaining major traction in the U.S, especially among millennials and Gen Z consumers, who are eager to escape revolving credit card debt. The pandemic has primed major players in the BNPL industry such as Klarna, AfterPay and Affirm to increase their merchant and consumer networks because of the greater shift towards virtual shopping. According to World Pay’s 2020 Payments report, BNPL competitors are expected to triple their e-commerce market share by 2023.
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