Citibank India announces new paperless mobile payment system

Citibank India announces new paperless mobile payment system Citibank India on Monday announced a new paperless mobile payment system that would allow its credit and debit card customers to do away with the charge slips.

The new system is a lightweight device that you can plug into a smartphones or a tablet. While you can swipe a credit/debit card on this device, the new solution is incorporated to the businesses' back-end system. It also allows its users to get a confirmation on his/her mobile phone following a successful transaction.

Developed in partnership with mobile-based payments service provider Ezetap, the new paperless mobile payment system would be implemented for the U. S.-based Citigroup's entire global network. In India, it would allow more than 320 million customers to pay for their purchases through their debit and credit cards.

In addition, the new system will let customers to make card payments at the point of purchase at the retail outlets, thereby allowing them to avoid long queues at payment counters in stores.

Citibank has partnered with a total of seven leading brands for the launch of the new system in India. Flipkart, Bookmyshow, Shoppers Stop, and Bajaj Allianz are among the brands that have already started testing the implementation of this payment system.

It is a product popularized by Square Inc, the startup founded by popular micro-blogging site Twitter's co-founder Jack Dorsey.

Ezetap Mobile Solutions CEO & co-founder Abhijit Bose said that the device would be manufactured in India and priced at only Rs 1,500.