Citibank is entering further into the point-of-sale financing space through a new integration with Amazon. The bank announced this week that Citi Flex Pay, an installment loan plan applied to Citi credit cards, is now available for customers making purchases on Amazon.

“With double-digit growth in online spending, it’s more important than ever to offer choice for our customers both in-store and online,” said Anand Selva, CEO of Citi’s U.S. consumer bank, in a statement. “By providing enhanced flexibility and convenience at digital checkout, we are skating to where the puck is going.”

Citi’s move comes as banks and fintechs alike are trying to gain a share of the point-of-sale financing pie. A McKinsey report from last year stated U.S. outstanding balances originated through point-of-sale lending were expected to exceed $110 billion in 2019, or 10% of unsecured lending, up from $94 billion in 2018. “This volume has more than doubled between 2015 and 2019, and has taken 3 percentage points of growth from credit cards and traditional lending models, worth more than $10 billion in revenues,” the report read.

To use Flex Pay Citi customers must choose their Citi credit card when checking out on Amazon. For carts worth $100 or more, customers can choose an installment option that deducts the total purchase from their credit limit but only adds the installment to their minimum monthly payment. Plans last between three and 48 months, and rates range from 6.74% and 8.74% APR. The integration, called Citi Flex Pay on Amazon, doesn’t require an application or credit inquiry from consumers.

New York-based Citi, which has $1.95 trillion in assets, launched Citi Flex Pay to eligible cardholders last year. According to the bank, 70% of those utilizing Flex Pay are repeat users, and the average purchase amount is around $900. 

See also: Splitit partners with Visa for installment payments    

Point-of-sale lending has become an increasingly competitive field in recent years. Incumbent banks like BBVA and Citizens both offer point-of-sale lending solutions through specific providers, while consumer-facing startups like Afterpay, Affirm and Klarna continue to gain customers. Startups like ChargeAfter and Divido, meanwhile, work with merchants and lenders to offer point-of-sale financing. Last month, ChargeAfter partnered with Visa to pilot point-of-sale financing solutions to certain U.S. merchants. 

“This is moving from something that was either an afterthought — or frankly not that large of a market —to something that will continue to receive greater adoption as folks look at this as a safer way, and a way to frankly better align with their economic household,” Geoff Kott, chief capital officer at Affirm, previously told Bank Innovation. “All trend lines are pointing up and to the right.”

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