View photosCitigroup Makes Its Move in $90 Billion Battle Over Swipe FeesMore

(Bloomberg) — Citigroup Inc. is jumping into the battle over the $90 billion in swipe fees that merchants pay each year to process debit and credit cards.

The bank is developing a new digital consumer-payments business that will allow large merchants to collect from cards, mobile wallets and bank-account transfers. Citigroup will work with Mastercard Inc.’s payment-gateway services to connect with payment processors and mobile wallets around the world.

Key Insights

Citigroup’s new product could address the growing concern among U.S. merchants that have been looking for a way to lower the amount they spend on electronic payments, especially through solutions that connect directly to a consumer’s bank account, avoiding traditional credit and debit card

Read More At Article Source | Article Attribution