Citi has launched its own digital wallet for online purchases, using MasterCard’s MasterPass system so customers won’t type in an unencrypted credit card number, the bank said in a press release.
To use the Citi Wallet, cardholders who have signed up with Citi click on the MasterPass logo at participating online retailers. Cardholders then log in using the same username and password they use to manage the credit card account online. After confirming the shipping address, they are returned to the retailer’s website to complete the purchase.
The digital wallet, which Citi says is the first branded wallet from a global bank in the U.S., is available to all Citi U.S. consumer credit card members. Citi says the wallet can be used at thousands of online merchants, including FTD.com, Gilt, MLB.com, Rakuten.com and LivingSocial.
While Citi is promoting Citi Wallet as a quicker and simpler way of making online purchases, it also eliminates the need to pass a credit card number directly between the customer and the online retailer. While cyberthieves could use malware to steal login credentials and use them to make purchases with MasterPass, they would not be able to capture card numbers for fraudulent use.
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