Citibank India and MasterCard have teamed up to create Citi Masterpass, a digital wallet in India, the first in the country to be able to shop at more than 250,000 e-commerce merchants, located in India and worldwide.
Citi MasterPass stores Citibank customers’ card and shipping information in one place with MasterCard. By selecting “Buy with MasterPass” as the payment option at checkout, customers won’t have to fill in details repeatedly across online merchants.
This has become a popular technique that companies use to reduce the risk of customers abandoning their shopping carts due to lengthy payment processes or inputting their personal information over potentially unsafe networks.
“Over the last two years, we have seen an increase of over 76 per cent in e-commerce transactions by our customers. These customers are constantly looking for simple, quick and secure experiences while shopping online,” commented 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. India is the first market in Asia Pacific where Citibank card customers will be offered the co-branded MasterPass solution. Today, around 41 per cent of all Citibank card transactions in India are performed online, underlining the growing importance of global wallet solutions such as Citi MasterPass.
Citi MasterPass will be available at over 100 online merchants in the country, with more to come in the future.
Online shopping in India has grown dramatically in the last two years. Around 86.8 per cent of Indian consumers indicate that secure payment facilities are critical when shopping online and 47.5 per cent cite the perceived lack of safe payment options as the top reason not to shop online. Online purchases via mobile phones in India have grown by more than 100 per cent over the past two years.
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