Citi has expanded its digital payment-processing service for businesses into developed markets in Asia.
The Spring by Citi digital payment service, which includes online card and wallet payments as well as electronic direct debits, has expanded into Australia, Hong Kong and Singapore, the U.S. bank said in a press release Wednesday. More regional markets are expected to be added ahead, Citi said.
James Lloyd, Asia Pacific head of Spring by Citi for the treasury and trade solutions (TTS) business, said Asia is among the world’s fastest growing e-commerce markets, with online sales accounting for more retail market share than other regions. But he added, the region’s diversity is challenging for enterprises.
«Our aim is to help our clients grow by providing streamlined access to locally relevant payment methods and related services,» Lloyd said in the statement. In the region, clients include Singtel, LINE MAN Wongnai and ShopeePay in Thailand, he said.
The service, under Citi’s TTS business, integrates the payment methods with back-office treasury management systems, to provide businesses with easy acceptance of even local payment methods and to mitigate risk, the release said.
Previously, the service was available in Brazil, Canada, Germany, Ireland, Mexico, the Netherlands, the U.K. and the U.S., Citi said.
