Citibank offers payment solution for merchants

Citibank India on Monday launched a mobile payment solution for merchants partners that would allows its 320 million cardholders (debit or credit) to conveniently make payments at the point of purchase.

The new system can work through a dongle, which can be plugged into smartphones and tablets and is compliant with the global security standards developed by the Payment Card Industry Security Standards Council. The dongle would cost around Rs 1,500 for a merchant partner, said Citibank India officials. Merchant partners using this device for customer payments and collections will be given real-time information during the payment and collection process, providing an integrated, secured and efficient receivables payment solution.

Citibank India has partnered with Ezetap and seven leading brands including Bajaj Allianz General Insurance, Shoppers Stop, Flipkart, Bookmyshow.com and Vodafone for the launch of this service in India. The new payment solution would help customers purchase a wide range of goods and services, pay insurance premiums, mobile phone bills, recharge mobile phones or buy movie, theatre and event tickets at the convenience of their home or office with their cards.

“The secured paperless transaction not only does away with managing charge slips but also combines the many benefits enjoyed by Citibank card customers, including instant redemption of reward points, accelerated rewards as well as the ability to opt for the popular EMI payment option (for transactions above Rs 2500) while using this new payment alternative,” said Anand Selvakesari, country business manager (global consumer group), Citibank India.

Says Milind Chaudhari, vice-president, Bajaj Allianz General Insurance, “We will be giving this device to our employees to provide door-step service to customers for paying their insurance premiums by swiping their card. The application can also be used by our agents to issue a policy on the spot.”

Govind Shrikhande, customer care associate and managing director, Shoppers Stop, said, “The device will help us in busting long ques of customers at our stores to pay for the purchase of their goods.”

Several leading banks such as State Bank of India, Yes Bank and private insurer Reliance General Insurance have also launched the same mobile solution with Ezetap. The development makes Citibank India the first country franchise within Citigroup to launch this solution.

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