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Why is Citigroup launching a B2C payments platform?

Citigroup recently announced that it is developing a consumer-payments platform (B2C payments), in a move to enter the rapidly growing digital payments industry.

Citi’s new service will offer merchants a range of consumer payment options to collect money, including from credit cards and e-wallets, the company said. This will expand its product portfolios within its mainstay business-to-business (B2B) payment offerings.

“We want to extend our leadership beyond the B2B payment space by developing capabilities to enable institutions to collect from consumers in a globally consistent and seamless fashion,” explains Naveed Sultan, global head of Citi’s Treasury and Trade Solutions.

Citi says it is working with Mastercard to facilitate the service as it is already integrated with digital payment providers and e-wallets around the globe.

The bank also said it is collaborating with other digital payment companies to incorporate up to 140 alternative payment methods into its service.

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