Watch This Space, page-4646

@sneef@Eggboy@bene449@mikesheen@IsdHope@LordNigel@Cogitate@linc1025@fitty02@Gutshotpro@gops@Rangerjem@Tirol01Ok no more clues, here's what I have found.

The key player here is Citi
1. If you read the T&C's of the PayPal rewards card you will find that Citi is the provider and issuer of this card

2. The instalment details mention "Your Fixed Payment Option uses part of your existing credit limit. As you pay off your Fixed Payment Option, the amount you pay off will become available for you to use again as part of your credit limit at the standard Annual Percentage Rate applicable to your account." SOUND FAMILIAR ???
3. Just last month, Citi announced they are entering the BNPL space with an instalment option on credit cards. It looks like they have taken the technology developed by VISA and Splitit and created Quick Cash. "Convert up to 90% of your available credit into cash and repay in monthly instalments" ... "Every time you make a repayment, the amount paid becomes available again" SOUND FAMILIAR ???



4. This is what Citi had to say about the new BNPL offering: "Citi Australia is adding the buy now, pay later leg to its offering after developing a popular deferred payments system available to its credit card customers, which has allowed consumers to divvy up significant purchases made on larger, traditional lines of credit.While Citi is hoping to crack the buy now, pay later market that has eaten into the credit card sector, the bank also hopes to introduce new buy now, pay later customers to lines of credit for larger purchases.“People are going to start there, in BNPL, from a small ticket perspective. But when they are looking to access a bigger line of credit, for things such as holidays, school fees, that is where you click over into a responsible lending line of a credit card,” Mr Machet siad.As Citi’s buy now, pay later proposition will run on the Mastercard rails, it offers a transparent alternative where customers are also familiar with the infrastructure.

5. Citi and Google - just last year Citi and Google announced they will be launching Google Plex in 2021 as part of Google Pay. JOIN THE DOTS

So why would Splitit go after Citi???

Citi is the WORLDS LARGEST CREDIT CARD ISSUER - READ THAT AGAIN!!

Citi is the third largest banking institution in the USCiti is a global leader in payments, with 132 million accounts and $505 billion in annual purchase sales

So what I see here is VISA/MASTERCARD and SPT have developed the technology to enable BNPL instalment option on CREDIT CARD. They have taken this to the worlds largest issuer of credit cards and sold it to them.

Citi is launching this in Australia given the exposure given to BNPL.

Citi not only issuers their own cards but also for PayPal, Qantas, Bank of Queensland, Coles, Suncorp, Virgin Money, RACQ Bank, IMB Bank, Auswide Bank and Kogan.

Now Splitit has the SCALE to implement their technology to millions of cards on the Citi network via VISA and MasterCard.

There has been no need for Splitit to announce this because their dealings are with VISA and MasterCard which partnerships have already been announced.

@tina25 how did Vamos go this time?