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Citi, PayPal enter deal to enable institutional payments directly into mobile wallets

December 16, 2019

Citi and PayPal entered an agreement to enable the bank's institutional clients to be able to make direct payments into PayPal digital wallets.

The agreement will allow Citi, starting during the first quarter 2020, to use its WorldLink cross-border payments platform to send payments from financial institutions, companies and public sector organizations into their customer’s digital wallets, which can be completed with only an email or mobile number as opposed to bank routing information or other sensitive data. 

"Mobile and digital wallets are becoming increasingly important alternative payment methods for our clients as they respond to changing customer preferences," Manish Kohli, global head of payments and receivables at Citi’s Treasury and Trade Solutions, said in a company release. "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, meeting their evolving needs."

Cover image: PayPal