Citibank India has launched MasterCard MasterPass, the first global digital wallet in India, making Citibank debit and credit card customers the first in the country to be able to shop at more than 250,000 e-commerce merchants, located in India and worldwide, with a safe, simple and quick online payment experience.
Citi MasterPass safely stores Citibank customers’ card and shipping information all in one place with MasterCard. By selecting “Buy with MasterPass” as the payment option at checkout, customers eliminate the need to fill in details repeatedly across online merchants. This reduces the risk of customers abandoning their shopping carts due to cumbersome payment processes or exposing their personal information over potentially unsafe networks.
MasterPass is present across 24 countries worldwide and is available to over 40 million consumers in Asia-Pacific alone. India is the first market in Asia Pacific where Citibank card customers will be offered the co-branded MasterPass solution. Today, around 41 percent of all Citibank card transactions in India are performed online, underlining the growing importance of global wallet solutions such as Citi MasterPass.
Not only does Citi MasterPass optimize the checkout experience, it is also expected to contribute to expanding e-commerce sales in the country, by reducing the cart abandonment rate with its simple, yet secure payment process.
Citi MasterPass will be available at over 100 online merchants in the country, with more to come in the future. India’s e-commerce industry is expected to cross 1.08 trillion rupees (USD17.2 billion) at the end of 2015.
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