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Citibank launches pilot scheme for credit card payments on mobile |
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Mumbai: Citibank has launched a pilot scheme to judge the mobile payments of credit cards. This scheme has been launched in association with Nokia, Vodafone, MasterCard and ViVotech.
The Near Field Communications technology makes it easy for consumers to share content. Based on this, the Citi Tap and Pay Pilot hopes to provide the ease of using mobile phones as credit cards.
With the use of this technology, customers can tap their mobiles on a contactless reader at the point of sale to pay for purchases, in the process eliminating the need for swiping of cards. The trial will cover 3,000 to 5,000 mobile users and about 500 merchants.
Jeff Semenchuk, executive vice-president and head of growth centre, Citi Innovation, said that the new technology will be a key lifestyle driver for its highly mobile, international and increasingly urban customer base. The advance service would bring to reality the convergence of the wallet with the mobile phone, added N Rajashekharan, country business manager, Citi India.
Speaking to the media, he said that the trial was about something more than the technology. It would be a production-scale pilot to find the appropriate business model for payments using NFC and mobile phones. Through the six month trial, Citi and its partners hope to gather user insights across a wide range of parameters in addition to assessing customer acceptance for making contactless transactions through mobile NFC.
(Posted on : 02/07/2009)
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| Citibank launches pilot scheme for credit card payments on mobile |
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