Citrus Pay, a Mumbai based mobile payment solutions company, is soon going to released its app ‘Death of Chutta’, and is running an online campaign of the same name. ‘Chutta’ or loose change, could get tedious to carry and transact with, in order to deal with this issue and reduce the cash dependencies of people in India, the company is working on this new product.
The app will allow the users to make payments of values, as low as Re. 1 and hence do away with keeping small denominations of cash and loose change. It will be free of cost, hence even the financially underprivileged people with a cell-phone could use it.
Speaking at the announcement of the ‘Death of Chutta’ app, Satyen Kothari, Chairman/ Founder, CitrusPayment said, “College students, family members, work colleagues can all replace the need for cash and the headache of dealing with change. They can split bills for lunches, canteens, outings and much more in a couple of seconds flat. This product is for the new India and the new Indian.”
How does it work?
The consumer will have to sign up at citruspay.com for an account, or download the Citrus app for Android. Any amount of money could be loaded via a credit card, debit card, or by net banking. The user can then use the app to transfer money to friends, colleagues, and family members. Amounts can be from INR1 to 10, 000.
The transaction can be made between two individuals anywhere in the country, even if the recipient doesn’t even have a Citrus account. Unlike many existing mobile wallets, this app will also allow the user to transfer the money back into his/her bank account.
Currently the a beta version of the app is available on Google PlayStore, to download it click here.
Mobility is going to play a big role in online commerce and payment systems in India, and mobile wallets are a part of that. Yet as of now, even with the widespread penetration of mobile phones in India, mobile payments sector still hasn’t emerged out as strongly as it should have. The reasons behind this are lack of mass reach, unavailability of systems that are service provider agnostic, shortage of proper infrastructure and lack of service options from which consumers can make a choice.
At the Internet Retail Expo 2014, Jitendra Gupta, Founder and CEO, CitrusPay said “An year back only 2% for mobile browsers. Now, it is around 15% for mobile browsers. In the last year, success rate of mobile payments has gone up from 20% to 67% in the last year.” He also acknowledged RBI’s support in the promotion of digital payments in the country. Mobile wallets like those by MobiKwik, Citrus etc., do add to RBI’s aim of reducing tangible cash dependencies of Indians. However, reaching and educating the masses will be a challenge. As said by Vivek Sagar CEO EMVANTAGE “We should go with the mobile revolution. We are yet to see the growth, but it is there“
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