Challenged by Mobile Wallets, Citibank to launch mobile solutions

Citibank India is one of those banks which are wary of the mobile wallet challenge posed by the likes of PayTM and Freecharge, etc. The bank is about to take serious steps to deal with the challenges and is expected to come out with a counter solution targeting the mass market.

Sridhar Iyer, director of Digital Business at Citibank India

In a conversation, Sridhar Iyer, director of Digital Business at Citibank India shared, “Mobile wallets are increasingly gaining strength in India. We are also aware of their challenge and want to embark upon the journey so that we can offer similar solutions to consumers. However, the mobile wallet players are somewhere taking the banking route since no transaction is complete without the banks.”

Citibank India is now looking mobile as a serious tool to further penetrate in the market. “Mobile is an important tool for us. We are in the process of increasing our mobile portfolio in the country. While I cannot share the details right now, I can assure you that bank will come out with interesting solutions,” added Iyer.

Citibank has always tried to give tough competition to its counterparts in the country. However, its new challenge is not from the traditional players. Startups coming out with interesting solutions are giving the global bank tough times.