Citrus Pay launches Citrus Checkout
Citrus has raised venture financing from Sequoia Capital with the first tranche being $ 2 million
Citrus Pay, a checkout & payment solutions company has launched a faster and safer way for customers to pay online and on the go. The user-friendly checkout service is called Citrus Checkout and helps customers make online payments quickly and securely across multiple websites , mobile sites, on tablets, and within iOS, Android, Blackberry, and Windows apps.
Citrus has raised venture financing from Sequoia Capital with the first tranche being $ 2 million . Citrus will use this funding to accelerate on new products, services and innovations benefiting customers and merchants.
Citrus Checkout allows faster and efficient online payment in just 2 easy steps and offers complete data security for all transactions for their members. It works seamlessly across all devices and is accessible on all platforms. The simplified checkout wallet already has lakhs of users just after 4 months of launch.
Over 200 merchants including Sun DTH, Healthkart, Beam Telecom, Future Generalli Insurance, Lenskart and Firstcry, benefit from this network eco-system enabling them to provide their consumers with an express checkout service with the added benefit of dramatically improved success levels. Citrus also has companies such as Airtel and Redbus using their other payment gateway solutions.
“With the growth of e-commerce and online retail, and the digitization of payments for all essential services such as school fees, movie tickets, travel, tax payments etc, we see tremendous opportunity to offer innovative and simple services to consumers and merchants with a strong focus on the user experience and safety,” said Satyen V Kothari, Founder/Managing Director, Citrus Pay. “We have created a solution that makes making digital payments a highly simplified process of 2 steps that take 5 seconds to finish as opposed to the current model of 5-8 screens and 20 fields, and a lot of painful data entry.
Adds Jitendra Gupta, Founder/CEO, “We help merchants improve their success rates by providing a state of the art payment gateway management system that reduces drop rates dramatically. Every trasaction lost is lost revenue for a merchant, and our solutions reduce every kind of drop factor with a combination of techonolgy, innovation, and user behavior analysis”
Mohit Bhatnagar, Managing Director, Sequoia Capital India Advisors said, “CEOs are unneccesarily struggling with failed transactions and lost customers till they consider using Citrus. Citrus Payments has married the robustness of a 99.999 payment infrastructure with the beautiful User Experience that internet consumers have come to expect. ”
Launched in 2011, Citrus Pay has scaled rapidly to include a customer base of over 400 merchants and has developed strong associations with more than 35 banks in India. In addition to the consumer wallet, Citrus Pay offers a host of online payment solutions for merchants to improve their transaction completion rates including Insta-Buy, Txn-Booster , PG Manager and Analytics.
India Infoline Research Team / 08:44, Jun 26, 2015
IIFL is hosting 10 companies at a Management Roadshow in Mumbai today. The opening is a subdued start. US market saw minor losses with Dow, S&P 500 and Nasdaq closing marginally lower.