The Indian banking landscape has transformed rapidly in the last few years, driven by a combination of factors – consumer’s digital adoption, a progressive regulatory environment and visionary Government policies. In its 2018 vision document, the RBI has emphasized that digitization of payments and moving to a less-cash society are its key priorities.
Citibank has been at the forefront of digital transformation in the country, having pioneered and introduced several innovations in the past few years. Digitization has been a key strategic priority for Citibank, with over 95% its customer transactions being completed digitally. Further, over 85% of credit card payments at Citi are done online, which is one of the highest in the industry. Over one third of Citi’s customers are acquired online and this percentage has increased exponentially during the past few years
Today Citibank, in partnership with Paytm introduces ‘Wallet Add-Money’ a simple and seamless mode for customers to load their wallets via Citibank’s online and mobile banking platforms. Through this unique, market-first initiative, Citibank customers can securely add-money to their Paytm account in three simple steps, without the risk of exposing their confidential card credentials.
By introducing this simple and secure digital payment solution to its customers, Citibank has taken a significant step in accelerating digital adoption in the country and is re-affirming its support to the Government’s vision of a less-cash society.
Speaking on this occasion, Kartik Kaushik, Country Business Manager, Citibank India said, “Till date banks have treated Wallet service providers as competitors. We firmly believe that banks and service providers can collaborate to create unique digital solutions for customers. Our partnership with Paytm is a testimony to the customer-centric approach that leverages both our strengths. This is the first in the long list of exciting digital collaborations from us."
Speaking on the announcement, Kiran Vasireddy, Sr. Vice President said, “This is a historic step where Paytm and Cititbank are joining hands to make add-money to Paytm wallet, a seamless process. Our users can add money to their wallet with a single click when they use Citibank’s internet banking. We firmly believe such collaborations will give further impetus to mobile payments in our country.”