Citi (NYSE: C) and PayPal (NASDAQ: PYPL) announced on Monday they have expanded their partnership to enable Citi’s institutional clients to make payments into customers’ PayPal digital wallets. According to the duo, the extended partnership brings together Citi’s large global network and client base of multinational corporations, financial institutions, and public sector organizations as well as PayPal’s two-sided network of consumers and businesses, delivering more choice and flexibility to Citi and PayPal customers.
While sharing more details about the partnership expansion, Manish Kohli, Global Head of Payments and Receivables at Citi’s Treasury and Trade Solutions, stated:
“Mobile and digital wallets are becoming increasingly important alternative payment methods for our clients as they respond to changing consumer payment preferences. The growing digitization of our personal, professional and business experiences calls for ubiquitous and frictionless means of payment. Combining Citi’s cross-border capabilities with the truly digital and seamless client experience delivered by PayPal will enable our clients to pay from anywhere to anywhere instantly, meeting their evolving needs.”
Jim Magats, Head of Global Payment Product and Engineering at PayPal, also commented:
“Consumers are increasingly turning to mobile devices and digital wallets to manage and move their money. At the same time, we’re seeing global financial institutions, corporate enterprises and public sector entities needing more flexible ways to deploy payments. This expanded partnership between Citi and PayPal will help drive increased payment choice, convenience and speed for our shared customers.”
Citi and PayPal went on to add that the payment partnership highlights a shared “vision to create a large interconnected ecosystem of global businesses and consumers” that can make and receive fast, flexible and secure payments for commerce.