Citi Retail Services Launches Citi Pay to Expand Embedded Payments

Citi Retail Services announced the launch of its Citi Pay product family in May 2023, designed to expand the company's embedded payment capabilities. The first product, Citi Pay Credit, is a digital-only credit card that enables customers to make purchases at participating retailers without requiring a physical card. Citi also revealed plans to introduce Citi Pay Installment Loan in subsequent months, which would allow consumers to pay through monthly installment loans, effectively adding a BNPL-like capability to the product suite.

The Citi Pay family represents a strategic move by one of the largest U.S. banks to compete in the embedded payments space. By offering digital-first, retailer-integrated financial products, Citi aims to capture consumer spending at the point of sale. The product launch signals growing interest from traditional banks in embedded finance strategies to retain relevance against fintech competitors.