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PERSPECTIVES

Our collaboration on the Google Wallet.

May 26, 2011
Paul Galant, CEO, Citi Global Enterprise Payments

We're pleased to stand today with Google, MasterCard, First Data and Sprint to launch a highly anticipated new technology allowing Citi customers to make seamless purchases with the wave of an Android phone at point-of-sale. It's called the Google Wallet.

It uses "near field communication" (NFC) technology -- already embedded in newer smartphones and planned for more models -- to authenticate buyers and process their transactions, making possible faster and more convenient shopping at retail. At Citi, we have long seen mobile payments as a logical, even inevitable, extension of our mobile banking offerings, so it is especially exciting to see this innovation become a reality now.

The Google Wallet represents a true technical collaboration between Citi and Google. Our remarkable work together supports the engineering and commercialization of an intuitive, customer-driven mobile payments solution that allows our consumers to make purchases on their smart phones as easily as they can make and send phone calls or text messages.

Today's announcement represents a leap forward in mobile payment systems and we see Citi's collaboration with Google as a turning point for how mobile payments are truly being taken from concept to mass utilization.

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