August 26, 2014
Citibank has launched its online wallet for purchases across accepting online merchants. Citi Wallet makes the checkout process seamless, with minimal clicks. Citibank cardholders don’t have to enter credit-card, billing and shipping information while making online purchases at thousands of merchants. The service is available to U.S.-based Citi cardholders only. Citibank is one of the first banks to launch this feature on top of Mastercard rails.
As online spending continues to grow, we heard from our card-members that they want a faster way to make purchases online, said Barry Rodrigues, head of Citi Enterprise Payment Solutions, in a press release. Citi Wallet delivers this by reducing online checkout to just a couple clicks – whether they are purchasing a sweater, flowers or a new tablet.
Citibank card-members can enroll for the service using their Citi account credentials. The wallet feature is available at the websites of those merchants that use MasterCard’s MasterPass as a payment gateway. MasterPass is available on a large number of merchant websites, including prominent ones such as FTD.com, Gilt, MLB.com, Rakuten.com and LivingSocial.
Citibank has more than 200 million customer accounts and does business in more than 160 countries. The new wallet service has great scalability potential. The MasterPass medium itself can give a good head start to the wallet project.
A typical Citi wallet checkout process would go as follows:
Only Citi-branded consumer credit cards work with Citi Wallet, including Visa, MasterCard and American Express. Before, Citi cardholders had to use the Google Wallet app to make mobile payments. There is no dedicated Citi Wallet app as of now, but we can expect one in near future. Citi is also offering $25 in cash back on a user’s first transaction of $25 or more at participating MasterPass merchants.
Citibank has also been looking to expand into the Asia-Pacific commercial banking market, focusing more on small and medium-sized clients. Citibank can leverage the wallet service to attract such merchant clients to its payment services.
Here is an illustration on the Citi Wallet service: