Citi Bank has launched a BNPL product anywhere MasterCard is accepted in Australia as a test market.
Customers can pay online or tap and pay in-store using their digital wallet for payments up to $1000. Purchases up to $200 can be split in four. Or if a purchase is over $200 $10 customers can pay $10 and break payments down into eight smaller fortnightly payments.
Commonwealth Bank is expected to announce the launch of its StepPay product this month. Afterpay has teamed up with Westpac to offer users a digital wallet with a cash savings account function.