Citibank forays into mobile payment in Hong Kong

Citibank has launched P2P payment service Citi JETCO Pay, allowing its customers to send and receive money directly from their bank account and enjoy free fund transfers to the majority of bank accounts throughout Hong Kong.Funds can be transferred without charge to bank accounts not limited to Citibank. The daily fund transfer cap is $5,000.Clients who have the Citi Jetco Pay application on their phones can link their phone number with their bank account and funds can be transferred using the receiver's mobile phone number.Banks have been making a push into the fintech field in recent years and many banks have already launched P2P fund transfer services.HSBC and Hang Seng Bank launched the PayMe app in February with which users can add value to their account at the app by linking it with a credit card and transfer funds to any bank account.Meanwhile, China CITIC Bank (International), China Construction Bank (Asia), Dah Sing Bank, Fubon Bank, Shanghai Commercial Bank and Wing Lung Bank have also launched Jetco Pay services.