Citigroup becomes last big U.S. bank to join payments network

Citigroup Inc on Wednesday became the last of the big U.S. banks to agree to allow customers to send instant payments by mobile phone over an industry network that is competing with upstart Venmo. Citigroup said in a statement that it will begin offering the service early next year over the clearXchange network. ClearXchange has emerged as the industry's rival to Venmo, a non-bank payment service of PayPal Holdings Inc, which is winning fans among young adults who use it to split apartment rents and dinner tabs.

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