Citibank has launched a closed loop mobile wallet dubbed Citi Pay as well as become the latest FI to open up its technology and architecture to third parties through the launch of a global API developer hub..
Citi launch mobile wallet and unveils global API developer hub
Citi’s new mobile wallet will provide customers with a mobile option for online, in-app and in-store payment needs.
Citi views the offering as a digital extension of their current card relationship, capable of working across a multitude of smartphones and not vying for top-of-wallet positioning in non-bank alternatives from the likes of Apple, Samsung and Google.
Citi customers will be able to make online and in-app purchases using the same online user ID and password that they currently use to manage their existing banking relationship and retain the perks and loyalty options that come from being a Citi cardholder.
“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,” says 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.”
The bank also says that the release of APIs “marks the evolution of Citi’s technology to open architecture” as it bids to build partnerships with fintech firms and consumer brands.
Through the hub, developers will get access to APIs across eight categories, including account management, peer to peer payments, money transfer to institutions, Citi rewards, investment purchases and account authorisation.
Stephen Bird, CEO, global consumer banking, Citi, says: “By creating a collaborative ecosystem of leading brands and developers, we will be able to offer a complete suite of products, services and experiences to meet our clients’ financial needs today and in the future.”
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