Do Consumers Really Need One More Digital Wallet?
Citibank announced the launch of Citi Pay, a new digital wallet that will provide Citi customers with a simple and fast option for online, in-app and in-store payment needs.The offering will launch in Singapore and Australia with a global roll-out to follow.
“Whether it is online, on a phone, or at a store, we want Citi customers to have seamless, convenient and fast payment options wherever they go,” said Barry Rodrigues, Head of Global Digital Payments at Citi. “With more than 100 million customers in the fastest-growing cities in 19 countries, Citi is uniquely positioned to accelerate payment innovation on a global scale. With Citi Pay, we are offering our customers flexibility wherever and whenever they choose to make purchases.”
Citi customers will be able to make online and in-app purchases using the same Citibank online user ID and password that they currently use to manage their existing online relationship with Citi. Citi is partnering with Mastercard® to leverage its digital payment service, Masterpass®, to enable the online and in-app transactions. This will allow Citi customers to use Citi Pay at hundreds of thousands of merchants across 33 countries at launch. For Android users, the digital wallet also enables Citi cardholders to make in-store purchases by tapping their Android mobile devices at any NFC-enabled point-of-sale terminal.
Citi Pay is the latest digital payments announcement from the bank. Earlier this year in the U.S., Citi joined Early Warning’s clearXchange® network, which will enable Citi’s online and mobile banking customers to send or receive real-time person-to-person (P2P) payments to or from customers of participating network banks. Also in 2016, Citi enabled Samsung Pay for its card members in Singapore and Australia.