In a move that takes its fintech creds all the way up to 11, Citigroup has just announced the launch of its mobile wallet, Citi Pay:
Today, Citi 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.
“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. “Citi, as the world’s largest credit card issuer, is uniquely positioned to accelerate payment innovation on a global scale. With Citi Pay, we are offering our customers the choice to pay on their terms.”
The wallet will enable Citi customers to make online and in-app purchases using their existing Citi accounts, while Android-using clients get the added benefit of being able to make in-store purchases by simply tapping their Android devices at any NFC-enabled point-of-sale terminal.
It’ll be awhile until Citi’s American patrons get to use it though – Citi Pay will be initially launched in Australia and Singapore followed by a Mexico roll-out later this year. It won’t hit the U.S. market until early 2017.
Entering the mobile wallet arena seems to be an interesting choice for Citi. Yes, there are a ton of synergies here, but the space is dominated by tech giants such as Apple and Samsung, and to say that these shrewd outfits have a head start is an understatement.
Nevertheless, this is far from an initiative borne out of hubris; after all, this isn’t Citi’s first fintech rodeo.
Photo: Spencer E Holtaway