Citibank has finally entered the mobile payment solutions market. The bank has partnered with Ezetap Mobile Solutions to provide a fully integrated mobile payment solution that will be operational in India as well as in global Citigroup markets. With this solution, around 320+ million customers will be able to make payments at various checkpoints of multiple sectors like travel, insurance, baking, taxi services, telecom, etc. with their debit/credit card.
This solution is definitely paperless and it also includes benefits offered by Citibank that include redemption of reward points, accelerated rewards and also the option to pay via EMIs. This solution allows customers to purchase a large variety of products and also lets them make payments using their card at the retail stores as well as on e-stores like (and of) Flipkart, BookMyShow, Bajaj Allianz, Shoppers Stop and Vodafone. While the customer’s life is definitely going to get easy, the merchants are set to benefit too. For one, they will be able to track customer payments and will get real time information about the payment and collection process. This facilitates an integrated environment which will highly benefit all the parties involved.
Talking on the launch of this solution, Anand Selvakesari, Country Business Manager, Global Consumer Group, Citibank India said, “The certified and secured mobile payment solution from Citibank, seeks to change the way payments are made for products and services of daily use in India, just as the first ATM pioneered by Citi in 1977 revolutionized the concept of cash withdrawal worldwide. We believe this solution has the potential to change the way payments are made by consumers in India in the future.”
Citibank is not the first bank to offer m-payment solutions. Earlier, we reported about Union Bank’s tie-up with Nokia to offer m-banking services. ICICI, whose chief Chanda Kocchar believes that internet banking will overtake branch banking, has tied up with Vodafone to provide mobile payment services called ‘m-pesa’.
The way I see it, majority of the payment solutions are slated to go the mobile way. Given the proliferation and acceptance of mobile and smartphones, this really doesn’t come as a surprise.
Image Courtesy | cutmirchi