PayPal and Citi have grown their partnership to allow institutional clients of Citi to make payments into their customers’ PayPal digital wallets, according to a release.
The move allows for more collaboration between the two companies and combines Citi’s global network and extended client base of corporations, banks and organizations in the public sector with PayPal’s large network, while allowing more flexibility for customers of both.
Citi clients will be able to use Citi’s WorldLink cross-border payments peripheral to put money directly in PayPal’s digital wallet. This will help with payment speed and convenience, the release said.
“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,” said Citi Treasury and Trade Solutions Global Head of Payments and Receivables Manish Kohli. “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.”
Both Citi and PayPal want to help facilitate a global network where payments are fast and easy, and starting in 2020, Citi clients can make PayPal digital wallet payments in over 200 markets.
“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,” said PayPal Head of Global Payment Product and Engineering Jim Magats. “This expanded partnership between Citi and PayPal will help drive increased payment choice, convenience and speed for our shared customers.”
Cit’s cross-border payments solution, WorldLink, serves over 3,500 clients in almost 200 countries. PayPal is available in more than 200 markets and has 300 million accounts in 25 currencies around the world.