Mobile P2P: In Poland, Citi Proposes “Bump” Credit Transfers
- Citi Handlowy, the Polish subsidiary of the American bank Citi, launched a new mobile application for iPhone and Android enabling P2P funds transfers based on credit transfers and “Bumps”.
- After having launched this application on their mobile phones customers of the Polish bank have to select the B2T feature, specify their status (originator, recipient), choose a pseudo, identify the account from which the transfer in made and the account thy want to credit; finally, the payer notifies the amount he wishes to transfer. After the “bump” between the two cell phones, the transaction is validated in one click and processed right away.
- Citi is the first traditional financial institution to have opted for this innovative “Bump” technology, for mobile P2P payments. It then follows PayPal which was the first to adopt this solution. According to the bank, this launch results from customer requests collected on Facebook. The Polish bank will also organise a public competition to choose a final name for its B2T option.
- On the P2P payment market, American Express launched Serve solution which also illustrates the interest of large banking institutions in this specific market.
See, “Internet” section, “American Express Launches Serve and Positions Itself on Online P2P Payment”