Source: Card Tech Limited
Card Tech Limited (CTL), a UK-based bankcard systems provider, uses its leading technology to introduce Interest-Free Instalment Payment Schemes to Cyprus.
Empowered by CTL's PRIME Instalment solution, Bank of Cyprus and Hellenic Bank have just rolled out a new instalment program to provide credit card holders with an attractive alternative payment option at Point of Sale (POS). Another participant in the scheme, Laiki Bank, is also deploying CTL Instalment technology.
The scheme, which runs in conjunction with JCC's electronic terminals, enables merchants with accounts at either bank, to offer their clients the option of paying for goods through interest-free instalments. Instead of an immediate transaction for the total cost of purchase, the amount is simply split into equal monthly instalments without incurring additional interest charges that are traditionally built into loan or higher purchase payments.
Mr Eric Boutros, Head of Information Technology at Hellenic Bank in Cyprus, added, "With CTL's highly parameterized technology, our clients can dictate the details of their interest-free instalment repayments; they can choose from a number of instalment schemes that suit their needs, and can even specify the date of their first instalment."
The scheme, which is rich in benefits for both merchants and cardholders, has experienced great success in Greece over the past 2 years. Coupled with the launch of the Banks' aggressive marketing campaigns and complementary Points Schemes, offering added incentives, the initial results from the Cyprus market are equally encouraging.
Petros Petrou, General Manager at Laiki Bank in Cyprus, said "Interest-free monthly instalments present customers with a whole new way of using their cards by extending their buying power. In cooperation with CTL, Laiki Group intends to further develop its instalment options to the Cyprus market."
"CTL's reputation as a leading global solution provider in the card payments industry derives from 15 years of delivering cutting-edge technology to the banking sector; CTL's PRIME Instalments product is just another example of how our innovative technology can leverage new business for our clients," said Edith Kessler-Charalambous, General Manager Business Expansion at CTL.