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Citi and Obopay begin mobile payments pilot

27 July 2007  |  1830 views  |  0 Source: Citi

Citi (NYSE:C) today announced that it will begin piloting a new mobile peer to peer payment service with leading mobile payments provider Obopay.

The mobile payment service will be initially offered to select new and existing Citi customers as part of a limited consumer trial in Boston and Chicago.

"Citi is committed to delivering best in class payment solutions to our customers and deploying innovative technology that offers greater speed and convenience," said Raja Rajamannar, Executive Vice President, Citi Cards.

"We are working with Obopay to continue to meet our customers' needs to access their money the way many increasingly prefer - through their mobile phones - in a fast, convenient, and secure manner," added Steven Kietz, Head of E-Commerce and Direct Banking at Citi's Retail Distribution North America.

From parents sending funds to a child in college to a friend reimbursing a friend for dinner, peer to peer payments allow consumers to instantly, conveniently and securely send and receive money via their mobile phone. Select Citi customers participating in the trial can add money to their mobile payment account via citi.obopay.com through credit card or electronic bank transfer. Then, using the Obopay mobile application, their mobile Web browser or text messaging, Citi customers can manage their mobile payment account directly from their mobile phone.

Citi trial participants will be able to check balances, view payment histories, and add funds to their mobile payment account. Funds received via the mobile payment service can also be accessed with a prepaid debit card to be provided with the service.

"Together, Citi and Obopay are giving American mobile consumers power over their money no matter where they are," said Obopay CEO Carol L. Realini. "Obopay is built for today's mobile lifestyle, making cash available to consumers anytime they need it. We're excited to bring this innovative service to select new and existing Citi customers."

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