Citi unveils cash-to-mobile receivables soln

MUMBAI, INDIA: Citi India has announced the launch of Citi Cash-To-Mobile Receivables Solution that empowers corporate customers to receive funds from retailers or end customers instantly via mobile.

Developed to take advantage of the nascent but fast-growing mobile payment flows in the country, 'Cash-To-Mobile' will allow Citi India to tap into the mobile payments segment that is expected to reach $350 billion by 2015 as per industry estimates, said a press release.

The primary benefactors are expected to be companies from sectors such as FMCG, Telecom, Media, Healthcare and Travel amongst others.

“Innovation has always been a driving force for our growth and market leadership in India. Citi Cash-To-Mobile aims to provide efficient collections and enhanced transaction control to our clients, while reducing the risk between collection and settlement in a market where businesses are becoming increasingly digitized,” said Sudeep Yadav, managing director and head of Global Transaction Services at Citi India.

The company claimed that the new solution enables clients to receive funds and alerts specified client authorized personnel through SMS instantly. It also helps identify remitters through their mobile number and automates reconciliation between orders and collections.