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Citibank India and Mastercard launch global wallet for Indians

MasterPass_on_Mobile

Citibank India and MasterCard have launched a global digital wallet called Citi MasterPass for the lender’s Indian card customers where they will be able to shop at more than 250,000 e-commerce merchants located in India and around the world.

The wallet stores Citibank customers’ card and shipping information and customers can use the “Buy with MasterPass” option while shopping online which reduces the need to fill in details repeatedly across online merchants.

India is the first market in the Asia Pacific region where Citibank card customers will be offered the MasterPass solution, which is already present in 24 countries, the company said in a release. The company also said that around 41% of all Citibank card transactions in India are performed online.

In India, the bank will be tying up with 100 online merchants and EBay India, Bookmyshow and BillDesk are some of the e-commerce companies that will introduce the Citi MasterPass option.

Other players

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– In February, India’s largest private sector lender ICICI Bank introduced a new digital payments product  for mobiles, which integrates a digital wallet, a physical prepaid card and a basic savings bank account. The product named Pockets is now available for download on Google Play for Android devices. The bank added that the wallet will be introduced for iOS and Windows Phone devices soon.

– RBL Bank  tied up with TranServ, a digital payments company, and iKaaz, a Bangalore-based NFC payments firm, partnered with DCB Bank to launch co-branded wallets too.

– Axis Bank also introduced multi-social payment solution ‘Ping Pay’ to enable customers with smart phones to transfer funds, person to person, including to non-Axis Bank account-holders, using varied social media channels.

– HDFC Bank introduced a mobile application called PayZappwhich brings together hundreds of e-commerce platforms on it and allows consumers to pay via a wallet.

– State run telecom operator BSNL partnered withPyro, a telecom, financial and analytics company, along with Andhra Bank and Visa to announce SpeedPay, a semi closed open prepaid instrument.

 

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