Fully integrated mobile payment solution launched

Citibank partners with Ezetap and seven leading brands to launch the service in India

General News

Mumbai – Citibank India today announced the launch of a fully integrated and certified mobile payment solution in India and across the Citigroup network, globally. The mobile payment solution, developed by Citi's partner Ezetap Mobile Solutions, allows for more than 320 million card customers in India to make payments through their debit and credit cards at the point of payment. 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 while using this new payment alternative. 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.

Several leading brands in India have partnered with Citibank to use the secured and certified Mobile Payment Solution for payments and collections. Customers will now be able to 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 payment solution will also allow customers to make card payments at the point of purchase at retail outlets, thereby avoiding long queues at payment counters. Flipkart, Shoppers Stop, Bajaj Allianz, Vodafone and BookMyShow are some of the leading brands that are testing and implementing this payment solution.

"We consistently innovate to delight our customers with solutions based on consumer insights that are simple, secure and easy to use. The industry's first fully 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," said Anand Selvakesari, Country Business Manager, Global Consumer Group, Citibank India.

The payment solution from Ezetap was designed and built by mobile and payment veterans in India. It consists of a lightweight and robust device that can be plugged into smart phones and tablets and is compliant with the Payment Card Industry Data Security Standard (PCIDSS) and the Payment Application Data Security Standard (PADSS), global security standards developed by the Payment Card Industry Security Standards Council. The payment solution has the unique ability to be integrated to the back-end system of businesses and be customized to meet their specific needs. The payment process that provides industry-grade encryption of card data is compliant with Citigroup global security standards and has also been approved by The Reserve Bank of India.

"Our partnerships with leading brands in India stand testimony to the fact that the solution is already a market leader driving digital payments in our country. We believe that this payment and collection device has the potential to dramatically increase the penetration of card terminals from the current low level of 700,000 units in India," said Muge Yuzuak, Country Head Cards and Personal Loans, Citibank India.

The Mobile Payment Solution provides businesses the opportunity to be ahead of the curve in payment solutions as consumers expect more secure and convenient methods to make purchases through plastic at the ease of their homes, offices or at busy retail outlets. The solution, an industry-first innovation for Citi globally, is expected to change the way payments are made by customers across sectors including travel and airlines, hospitals, logistics, banking, insurance, telecom, e-tailing, taxi services among others.

Citi India

Committed to India for over 110 years, Citi takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi's presence in India spans 42 branches across 30 cities and over 700 ATMs. With around US$4 billion capital invested in its onshore banking and financial services business and its principal and alternate investment programs, Citi is among the single largest foreign direct investors in the financial services industry in India and offers consumers and institutions a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Citi is an employer of choice to over 7,800 employees in India. In line with our commitment to make a positive difference in the communities we work, Citi India's citizenship program targets its strategic efforts in the priority areas of Financial Capability & Asset Building, Microfinance, Enterprise Development, and Youth, Education & Livelihoods. Additional information may be found at: www.citibank.co.in | Facebook: www.facebook.com/citiindia | LinkedIn: http://www.linkedin.com/company/citibank-india|Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com

Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citigroup provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi