FinTech: Citi Tackles Abandoned Shopping Carts With Mastercard’s “Click to Pay”

June 10, 2020 | FinTech, News

COVID exposed clunky checkout processes and highlighted consumers’ preference for a fast and easy method to pay.

In an Exclusive, revealed Tuesday that Citi’s Consumer Bank (NYSE: C) and Mastercard (NYSE: MA) were working together to remove the frustration from the checkout process in e-commerce transactions. Shoppers abandoned the transaction at this ultimate stage simply because it was too cumbersome, time-consuming, or required usually-forgotten passwords. Citi is deploying Mastercard’s Click to Pay solution to address the problem.

Citigroup adds Mastercard’s Click to Pay

Citi is aiming to streamline the checkout process for its customers when they transact online. Mastercard’s Click To Pay is an advanced guest checkout that makes passwords redundant. Consumers would enjoy a consistent checkout process across various merchants and make payment in a few clicks.

Citi has become the first card issuer in the U.S. to allow ‘push’ payments via Click to Pay. Citi Mobile App users can use Mastercard Token Connect to push tokenized card details from the app out to Mastercard’s solution. Consumers need not enter credit card details. Yet, their transactions are more secure for the tokenization.

COVID and online transactions

Checkout security and convenience came to the fore during COVID when sheltered-in-place people took to online purchases for their daily needs. Also, many brick-and-mortar merchants too went online for the first time.

Citi observed that mobile app logins shot up year-on-year in double digits, while “chat” increased in triple-digit percentages during the coronavirus outbreak.

“Click to Pay had been essential even before COVID-19, but what COVID-19 has done is really highlighted a new need for safer and faster ways to pay digitally,” said Jess Turner, executive vice president of products and innovation for Mastercard, to

Citi Mobile App

Radha Suvarna, head of digital payments and lending for the Citi U.S. Consumer Bank, clarified that Citi card-holders receive an immediate prompt when they login to the app to enable their card for Click to Pay.

It’s a simple matter to agree to the T&C and complete two-factor authentication. The card details are pre-populated and the consumer need not re-enter them when checking-out using Mastercard’s solution.

Click to Pay is now available on more than 10,000 online merchant sites.

Related Story:     Mastercard Launches Fintech Express for Emerging European Startups                                              

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
FinTech: UK-Based BNPL Player Zilch Closes Series B With Additional $110M
July 23, 2021     FinTech, News

The $110 million comprised both debt and equity capital. Zilch, the UK-based BNPL platform has raised an additional $110 million from Goldman Sachs and DMG Ventures. The funding is part…
Alternative Investments/Hedge Funds: Inflation Fears Boost Hedge Funds’ AUM To Nearly $4T
July 23, 2021     Alternative Investments, Hedge Funds, News

A market survey by alternatives technology provider Vidrio Financial shows that fears of inflation have helped move substantial fund allocations during the first half of 2021 to alternative assets such…
Alternative Investments/Digital: Global X Throws Its Hat In The Bitcoin ETF Ring

Global X, the New York-based ETF provider and subsidiary of $560 billion investment manager Mirae Asset, has filed with the SEC for permission to launch a bitcoin ETF titled the…
Digital Assets: Crypto Adoption Stories From JPMorgan, Gallup Poll, Bitcoin Depot, And UBS
July 23, 2021     Digital Assets, News

Four news bites that show cryptos are hanging on, recent crashes notwithstanding. From bitcoin ATMs to crypto FOMO, here goes….