Citigroup Inc said on Tuesday it is developing a consumer-payments platform, in ...
FILE PHOTO: A Citibank sign on a bank branch in midtown Manhattan, New York, November 17, 2010. REUTERS/Mike Segar/File Photo
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 payment offerings. [The digital payment industry has been growing rapidly as more and more consumers make purchases online and use digital checkout services such as e-wallets or cash on delivery.
Citi’s move is the latest foray by a major U.S. financial institution after U.S. fintech group Fidelity National Information Services Inc agreed to buy payment processor Worldpay for $34.83 billion, marking the biggest acquisition in the digital payments industry.
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