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Citigroup to enter emerging consumer payments business

FILE PHOTO: A Citibank sign on a bank branch in midtown Manhattan, New York, November 17, 2010. REUTERS/Mike Segar/File Photo

(Reuters) – Citigroup Inc said on Tuesday it is developing a consumer-payments platform, in an attempt to fast-growing digital payments.

Citi’s new service will offer sellers a range of consumer payment options in order to collect money, including credit cards and e-wallets, the company said. This will be the expansion of its product portfolio within the pillar of business-to-business (B2B) payment offer. [few.rs/2CAEJXO]

The digital payment industry is growing rapidly as more and more consumers make online purchases and the use of the digital cash services, such as e-wallets or cash on delivery. The ease of the transfer of the money has also the traditional forms of payment, such as cheques redundant, so many banks and their merchant customers on a rapid shift to digital payment technology or be left behind.

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

Citi puts the latest foray by a major U.S. financial institution, after the U.S. fintech group Fidelity National Information Services Inc (FIS) agreed to buy payment processor Worldpay for $34.83 billion, marking the largest acquisition in the digital payments.

Citi said it is working with a payment processor Visa Inc. to facilitate the service as it is already integrated with digital payment providers and e-wallets all over the world.

The bank also said that it is for collaboration with other digital payment companies to take up to 140 alternative payment methods in its service.

Reporting by Bharath Manjesh in Bengaluru; Editing by James Emmanuel

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