Citibank has partnered with mPoS payments startup Ezetap to offer a mobile payment solution turning phones into card acceptance and payment devices. Citi says it will enable customers to purchase good and service or pay mobile bills.
The PCI – compliant system has been approved by the Reserve Bank of India and will allow merchants with a dongle, app or android handset accept payments. There are approximately 320 million cardholders in India and the partnership represents an advancement in the mobile payments market in India with several retailers such as Vodafone having already signed up to the technology.
Muge Yuzuak, country head, cards and personal loans, Citibank India, says: “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.”
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