Citibank said it is launching Citi Pay, a mobile wallet app that will take on apps like Chase Pay of JPMorgan Chase. Citi said the new app will allow consumers to pay retailers using their smartphones in stores. The app is almost like those wallet apps introduced by Apple, Google, Samsung and others. The bank said it will come out with Citi Pay by the end of this year in markets like Singapore, Australia and Mexico. It will also debut in the US in early 2017, equipped with online, in-app and tap and pay capabilities. Citi Pay is based on MasterCard’s MasterPass platform, making the wallet available at a massive number of merchants across 33 countries at launch. Citi said the bank’s customers will be able to make online at MasterPass-accepting merchants using the same online user ID and password that they currently use to manage their existing banking relationship.
