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BANKING TECHNOLOGY, RETAIL BANKING | Staff Reporter, Singapore

Citi to launch digital wallet in Singapore and Australia in late November

It will also launch in the US in early 2017.

In an effort to provide its customers with a fast and convenient payment option, Citi will launch a new digital wallet, Citi Pay, that will allow its customers to pay on their terms, be it online, in-app or in-store.

Who can avail of this new technology and how does it work?

With Citi Pay, the bank's credit card customers can now simply use their mobile phones to tap and pay for their purchases.

Citi Pay will be made available to Citi customers for online and in-app purchases. As a digital extension of their current card relationship, Citi customers will be able to make the online and in-app purchases using the same Citibank online user ID and password that they currently use to manage their existing online relationship with Citi.

Citi is partnering with MasterCard to leverage its digital payment service, MasterPass, to enable the online and in-app transactions. This will allow Citi customers to use Citi Pay at 250,000 merchants across 29 countries at launch.

For Android users, the digital wallet also enables Citi cardholders to make in-store purchases by tapping their Android mobile devices at any NFC-enabled point-of-sale terminal.

When will Citi Pay be launched?

Beginning later this month, Citi Pay will roll out to Citi credit card and banking customers in Singapore and Australia with tap and pay functionality. Citi Pay will also launch in Mexico later this year and in the U.S. in early 2017, with additional markets to follow.

Citi Pay is the latest digital payments announcement from the bank. Earlier this year in the U.S., Citi joined Early Warning’s clearXchange network, which will enable Citi’s online and mobile banking customers to send or receive real-time person-to-person (P2P) payments to or from customers of participating network banks in early 2017. In Asia, Citi has also enabled Samsung Pay for its card members in Singapore and Australia.

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