Citibank, MasterCard Launch Digital Wallet for Debit, Credit Card Customers in India

Thursday, July 30, 2015

Citibank India and MasterCard have launched digital wallet Citi MasterPass for both debit and credit card customers to be able to shop online at over 250,000 e-commerce merchants.

The global digital wallet “safely stores Citibank customers’’ card and shipping information all in one place with MasterCard.

“By selecting ’Buy with MasterPass’ as the payment option at checkout, customers can eliminate the need to fill in details repeatedly across online merchants. This reduces the risk of customers abandoning their shopping carts due to cumbersome payment processes or exposing their personal information over potentially unsafe networks,” the bank said in statement.

Today, around 41 per cent of all Citibank card transactions in India are performed online and Citi MasterPass will be available at over 100 online merchants in India. India’s e-commerce industry is expected to cross Rs 1.08 lakh crore ($17.2 billion) at the end of 2015, it said.

“Over the last two years, we have seen an increase of over 76 per cent in e-commerce transactions by our customers. Citi MasterPass significantly reduces the checkout time across thousands of e-commerce merchants ensuring this would be the payment solution of choice for consumers in India,” said Kartik Kaushik, Head of Consumer Banking, Citibank India.

MasterPass is present across 24 countries worldwide and is available to over 40 million consumers in Asia-Pacific alone. India is the first market in Asia Pacific where Citibank card customers will be offered the co-branded MasterPass solution.

Source: The Hindu Business Line (link opens in a new window)

digital payments