C2it
C2it was the name of a person-to-person money transfer service established by Citibank in 2000 as a competitor to PayPal and Billpoint.[1] It was formed as a partnership with AOL, and later with Compuserve and Microsoft.[2]
| Industry | Financial Services |
|---|---|
| Fate | Defunct |
| Founded | 2000 |
| Founder | S Young Lee, Hope Chen, Will Chen, Jason May, Ian Flint, Jay Shen |
| Defunct | 2003 |
| Parent | Citibank |
The service was discontinued in November 2003, due to low usage; a 2002 Gartner survey indicated that of various online money transfer methods, only 1 percent said they used C2it vs 33 percent who used PayPal.[3]
References
- "Citigroup gets into online payment services game". cnet.com. 2 January 2002. Retrieved 1 February 2019.
- Guttmann, Robert (22 October 2002). Cybercash: The Coming Era of Electronic Money. Springer. pp. 136–137. ISBN 1403914508.
- "Citibank to shut down C2IT person-to-person payments business". finextra.com. 1 October 2003. Retrieved 1 February 2019.
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