Citi and Paypal have once again expanded their partnership to increase payments choices, this time enabling citi’s business clients to make payments into their customers’ Paypal digital wallets.
The two companies’ strategic agreement would now enable citi’s institutional clients to pay directly into Paypal digital wallets using Citi’s WorldLink Cross-border payments platform.
Starting in Q1 2020, Citi clients’ ability to make payments into Paypal wallets will be expanded globally to more than 200 markets.
Ongoing strategic agreement
Back in 2016, Citi entered a strategic agreement with Paypal to allow card members to use their cards with Paypal seamlessly: in-store, online, and in-app. The agreement also included a plan to tokenise cards for customers wishing to use Paypal for in-store purchases, across Mastercard and Visa portfolios in the US.
“This agreement with Citi is about deepening our relationship as well as creating a deeper platform integration that can add value to our joint customers,” Gary Marino, Paypal’s chief commercial officer, said.
“Soon we can offer a new way for Citi card members to purchase items online with City ThankYou Points at millions of our merchants in the US. These new capabilities showcase the power and flexibility of our technology platforms,” Marino added.
In 2017, the two companies announced an expansion of their strategic agreement to enable eligible Citi card members to use their ThankYou Points to pay for all or part of purchases when shopping online at millions of merchants that accept Paypal in the US. The functionalities were launched in 2018.
“At Citi, we continuously strive to enable consumers to transact what they want and how they want,” said Ralph Andretta, Citi’s head of US Branded Cards.
“our expanded agreement with Paypal will enable our 14 million ThankYou Reward members in the US to utilise an innovative, intuitive new channel to redeem their points. We also look forward to offering this capability on a global scale in the near future.”
A shared vision
Citi and Paypal’s ongoing partnership reflects a share vision to create a large interconnected ecosystem of global businesses and consumers that can make and receive fast, flexible and secure payments for commerce.
Both Paypal and Citi have developed the partnership with the goal of making payments as simple and digital as possible, while offering customers choice and flexibility at all times.