Matercard, the global payments company has partnered with Citibank India in order to launch MasterPass that is a digital wallet that will enable the bank’s customers to carry out e-commerce transactions with a fewer number of steps. The customers of Citibank can link their credit or debit cards to the digital wallet for the purpose of online transactions Though MasterPass is launched only now in India, it is available across 24 countries with a customer base of 40 million.
Citibank is aiming to make the global digital wallet a safe one for all its customers. The card numbers and shipping details will be kept in one place with the help of this new service.
The customers have to select the option ‘Buy with MasterPass’ as the payment option during checkout. This way, the customers can avoid the necessity to fill in details frequently across the online merchants. Also, the same reduces the risk of the customers dumping their shopping carts due to the tough payment process or exposure of their personal details on potentially unsafe networks.
Detailing on the launch of MasterPass, Kartik Kaushik, the country’s Business Manager, Global Consumer Bank stated that the user experience will be the same across all the forms such as computer, mobile and tablets. He stated that the focus is on the customer wallet. He also indicated that the other forms such as contactless card or tap and go will be integrated to this service. For now, almost close to 41 percent of the Citibank card transactions are done online.
Once a Citibank customer opens a MasterPass account, the transaction will be completed in a fewer number of steps in comparison to the other credit or debit cards. The Executive Director of South Asia, Vikas Varma stated that the longer the payment cycle, the higher chances for the customers to drop out. He further stated that the bank customers can shop at the e-commerce portals for Rs 2.5 lakh in both India and abroad.