Citi Allows Recurring Card Spend on Big Ticket Items
Citi announced the launch of PayAll, a service that allows customers to use their credit cards to make payments on big, recurring payments such as rent and education through mobile while earning rewards on their spend.
Citi says it is the first bank in Asia Pacific to offer one-off or recurring credit card payments for rent and education on mobile, with more categories to be added in future.
Compared to typical e-wallets, which do not charge a fee for daily discretionary expenses, Citi's PayAll service will charge customers a small fee. The bank aims to attract customers who wish to earn rewards faster, as these categories are generally bigger payment amounts.
«We are proud to be the first bank across the region to offer the benefits of Citi PayAll for our customers. Building leading capabilities using technology and offering solutions digitally, particularly on mobile, is at the core of our digital strategy and customer experience focus. I am confident that Citi PayAll will be well-received as we roll out the solution to additional markets,» said Sergio Zanatti, Citi Asia Pacific Head of Cards and Unsecured Lending.
Rollout
With the new service, customers can use their credit cards as a source of funds for payments that are otherwise typically done through bank or GIRO transfers. Live in Singapore, Citi PayAll will be introduced to other markets including Hong Kong, the UAE and Thailand by the end of 2019.
Since its beta-launch in Singapore in November 2018, the bank has seen usage across both rent and education spend categories, with average transactions at around US$3,500. The majority of its users have also opted to use the service for monthly recurring payments, the bank said.
