News: Citibank offers free Web payment service
Who says the days of the free Web are over?

Banking giant Citibank announced Thursday that it will soon remove fees for all U.S. transactions on its c2it online payment service. Previously the company charged people 1 percent of the transaction cost to send money.

Citibank made the change to expand the number of users of its service and of online payments in general, said Antony Jenkins, chief operating officer of c2it. The service has about 200,000 users, compared with about 11 million users for market leader PayPal.

"We think this is a key opportunity for Citigroup," Jenkins said. "Removing the price point is important because it allows us to grow quicker.
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