Citi and ExxonMobil introduce new in-app credit card feature (C, XOM)

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June 14, 2017 4:23 PM

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Citi Retail Services has partnered with ExxonMobil and Equifax to give users of the ExxonMobil Speedpass+ App the ability to apply for a credit card in-app and then automatically add the card as a payment option after approval, according to a company press release.

This new feature could gain traction because it reduces friction, rewards users, and will be widely available.

Retailers like Starbucks and Dunkin' Donuts are winning over consumers with their mobile wallets — apps developed by stores to make it easier for their customers to pay, and to deliver valuable perks.

And these retailer wallets are leading the overall mobile wallets industry, thanks to their ability to rapidly push out innovative features like rewards programs, coupons, mobile order-ahead, and custom marketing.

This may be surprising considering that retailer mobile wallets can be used only at a specific retailer’s locations; in contrast, popular universal mobile wallets like Apple Pay and Samsung Pay can be used at multiple retailers, as long as users are using the necessary smartphones.

Ayoub Aouad, research analyst for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on retailer mobile wallets that:

Explains what hurdles universal mobile wallets have faced.
Details what features retailers have adopted into their mobile wallets that have been successful
Analyzes the use cases of retailers that have successfully leveraged their mobile wallet offerings to push growth.
Identifies how universal mobile wallets will eventually slow growth for retailer-based mobile wallets.

To get the full report, subscribe to an START A MEMBERSHIP

You can also purchase and download the full report from our research store.

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