The first global digital wallet in India has launched thanks to the collaboration between Citibank India and MasterCard, which announced the launch of Citi MasterPass in the region.
Citibank debit and credit card customers will be able to use the digital wallet at more than 250,000 eCommerce merchants — both in India and around the world. Customers will also have access to fast and secure checkout options, as they no longer have to fill out personal information during the online checkout process.
“Over the last two years, we have seen an increase of over 76 percent in eCommerce transactions by our customers. These customers are constantly looking for simple, quick and secure experiences while shopping online. Citi MasterPass significantly reduces the checkout time across thousands of eCommerce merchants ensuring this would be the payment solution of choice for consumers in India,” said Kartik Kaushik, Head of Consumer Banking for Citibank India.
Just this week MasterCard announced that it launched MasterPass in India, bringing the total number of countries it’s accepted in to 24 countries worldwide. In the Asia-Pacific market, MasterPass is available to over 40 million consumers, but India is the first market where Citibank card customers can use the co-branded MasterPass solution. In its release about the news, MasterCard noted that 41 percent of all Citibank card transactions in India are performed online.
“As Indian consumers embrace a more digital lifestyle, Citi MasterPass will enable efficient, secure and quick checkout experiences for shoppers. We believe Citi MasterPass is a significant step forward in the evolution of electronic payments,” said Vikas Varma, Executive Director for the South Asia region for MasterCard said. “Beyond a platform that hosts digital wallets, Citi MasterPass will also provide the technology for merchants to offer new and innovative services, and unique features for shoppers.”
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