C2it Explained

C2it
Industry:Financial services
Fate:Defunct
Foundation:2000
Founder:S Young Lee, Hope Chen, Will Chen, Jason May, Ian Flint, Jay Shen
Defunct:2003
Parent:Citibank

C2it was 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]

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]

Notes and References

  1. Web site: Citigroup gets into online payment services game . cnet.com . 1 February 2019 . 2 January 2002.
  2. Book: Guttmann . Robert . Cybercash: The Coming Era of Electronic Money . 22 October 2002 . Springer . 1403914508 . 136–137.
  3. Web site: Citibank to shut down C2IT person-to-person payments business . finextra.com . 1 February 2019 . 1 October 2003.

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