Citi Wallet Debuts, Leverages MasterPass One-Click Checkout (Aug. 28, 2014)
Ready for the battle of the bank-branded digital wallets? New York-based Citi this week introduced Citi Wallet, to streamline online shopping for credit card customers. Cardholders who enroll in Citi Wallet can skip entering their credit card and billing and shipping information when making purchases at online sites that accept MasterCard’s MasterPass digital wallet. By clicking on the MasterPass logo on a Website’s checkout page, users can select Citi Wallet and log in using their Citi user name and password for online account management. Thousands of merchants, including FTD.com, Gilt, MLB.com and Rakuten.com, accept MasterPass, Citi said.
Citi Wallet is the first global bank-branded digital wallet, according to the financial services giant, though it joins an increasingly populated field of broadly positioned one-click checkout services storing cardholder account and shipping information in the cloud. Providers include MasterPass, introduced in 2013; Visa Checkout, the recently retooled version of Visa’s original V.me digital wallet; and digital wallets from PayPal, Google and Amazon, each vying for support from online merchants. Analysts expect further digital and mobile wallet experimentation from payments networks, financial services providers, retailers and third parties. Frenzied development will be followed by a shakeout, predicts Rick Oglesby, a senior analyst with Double Diamond Group.
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