NEW YORK—At a time when many are questioning whether digital wallets will ever live up to their expectations, the head of the world's biggest credit card issuer is predicting digital wallets will kill that part of the bank's business.
Citigroup CEO Michael Corbat says the end is coming for credit cards and the bank is now positioning itself for a slice of the action in digital wallets, reported Business Insider Australia.
Citi is also focusing on digital wallet and payments and trying to address the issue of "how do we make sure that we embed ourselves in whatever the wallet of the future is?" Business Insider Australia said.
“The bank is also developing partnerships with the likes of Alipay, Amazon and WeChat. The company is also positioning itself in China and says the biggest issue for the country is managing its debt levels and tougher capital controls,” Business Insider Australia added.