Citi MasterPass 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 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% of all Citibank card transactions in India are performed online, underlining the growing importance of global wallet solutions such as Citi MasterPass.
Citi MasterPass will be available at over 100 online merchants in the country, with more to come in the future, and this comes in a period in which India’s ecommerce industry is expected to cross the USD 17.2 billion threshold at the end of 2015. Online shopping in India has grown dramatically from 2013. Around 86.8% of Indian consumers indicate that secure payment facilities are critical when shopping online and 47.5% cite the perceived lack of safe payment options as the top reason not to shop online. Online purchases via mobile phones in India have grown by more than 100% from 2013.
Around USD 6 billion has been invested into Indias internet sector from 2013, with USD 1.5 billion coming in Q1, 2015. India currently has around 260 million internet users – 92% of whom are wirelessly connected and 20% of whom use mobile broadband services, such as 3G. Almost all of new internet users are leapfrogging and going directly to mobile. As a result, mobile already forms 40-60% of the transactions for most companies.
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