Citi is dipping into the mobile wallet game.
Citibank unveiled Citi Pay, the newest mobile wallet for Android platform users. Similar to Android Pay — and, of course, Apple Pay, PayPal, Samsung Pay and, more so, JPMorgan’s Chase Pay — Citi shoppers can use the new credit and debit card platform for in-store purchases at retailers that support the near-field communication (NFC) technology to make the transaction.
One step closer to less mobile payment friction, Citi is partnering with Mastercard to enable the platform to run smoothly as a payment method for thousands of online merchants in 33 countries, hoping to connect with the company’s 100 million users and consumers. Citi customers will use the same online user ID and password that they’re currently using to manage perks, loyalty options and other elements related to their account.
Despite the adoption rate of mobile payments revving up slower than analysts have predicted, this is a clear indication that Citibank’s 40 employee-strong financial technology innovations group, called Citi FinTech, is banking that more adoption will develop.
“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, Citi’s head of global digital payments. “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.”
Those in the U.S. may have to wait, however, as Citi Pay will roll out first in Singapore, Australia and Mexico before it launches officially in the States at the beginning of 2017.