Citibank India announced the launch of a mobile and tablet card reading device today developed by Ezetap Mobile Solutions.
The product will allow more than 320 million cardholders in India to make payments with their plastic cards at merchants without traditional card reading terminals.
Citibank says its cardholders get instant rewards redemption and the ability to opt in for equated monthly installments. Merchants using the device will derive real-time data during payment and collection.
Seven companies, including Vodafone, Bajaj Allianz and Flipkart, have already partnered with Citibank to use the mobile point of sale device. The service allows customers to buy a vast array of goods and services including movie and event tickets, plus pay premiums and phone bills in their homes, offices or in retail stores.
“Our partnerships with leading brands in India stand testimony to the fact that the solution is already a market leader driving digital payments in our country,” says Muge Yuzuak, country head of cards and personal loans at Citibank India, in the release. “We believe that this payment and collection device has the potential to dramatically increase the penetration of card terminals from the current low level of 700,000 units in India.”
Citibank India is also looking at how the service can change travel, hospital, taxi service and insurance payments.