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Citibank launches paperless payment system for cardholders

This new solution would also allow customers to make card payments at the point of purchase itself at the retail outlets, thereby avoiding long queues at payment counters in these stores

 

Mumbai: Citibank India has announced a new paperless mobile payment system for all credit and debit card customers in India that would do away with the charge slips, reports PTI.

 

The development makes Citibank India the first country franchise within the Citigroup to launch an industry innovative mobile payment solution, which has been developed with its technology partner Ezetap.

 

Citibank said in a statement it has already partnered with seven leading brands for the launch of this service in India, where it would help its more than 320 million card customers to make payments through their debit and credit cards at the point of payment.

 

The new payment solution would help customers purchase a wide range of goods and services, pay insurance premiums, mobile phone bills, recharge mobile phones or buy movie, theatre and event tickets at the convenience of their home or office with their cards.

 

It would also allow customers to make card payments at the point of purchase itself at the retail outlets, thereby avoiding long queues at payment counters in these stores.

 

“The secured paperless transaction not only does away with managing charge slips but also combines the many benefits enjoyed by Citibank card customers, including instant redemption of reward points, ability to opt for EMI payment option while using this new payment alternative," said Anand Selvakesari, Country Business Manager, Global Consumer Group, Citibank India.

 

Flipkart, Shoppers Stop, Bajaj Allianz and Bookmyshow are among the brands that are at various stages of testing and implementation of this payment solution.

 

“The industry first fully certified and secured mobile payment solution from Citibank, seeks to change the way payments are made for products and services of daily use in India, just as the first ATM pioneered by Citi in 1977 revolutionised the concept of cash withdrawal worldwide,” Selvakesari said.

 

The new system can work through a dongle, which can be plugged into smart phones and tablets and is compliant with the global security standards developed by the Payment Card Industry Security Standards Council.

 

Citibank said that the payment process is compliant with Citigroup global security standards and has also been approved by regulators in India.

 

“We believe that this payment and collection device has the potential to dramatically increase the penetration of card terminals,” said Muge Yuzuak, Country Head Cards and Personal Loans, Citibank India.

 

Card terminals in India currently stand at around 700,000 with China estimated at around 5 million, Selvakesari said adding that the new facility has the potential to reach out to around 20 million merchants across industries over the next few years.       

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Birla Sun Life launches new pension plan

BSLI Empower offers customers a choice to select the premium amount, vesting date and risk profile

 

Mumbai: Birla Sun Life Insurance has launched a new pension plan, BSLI Empower, which would help customers accumulate their premiums and the investment returns into a corpus for their retirement needs, reports PTI.

 

The plan offers customers a choice to select the premium amount, vesting date and risk profile, the private sector insurer said.

 

The premium accumulated till the vesting period will be invested in equity or debt depending on the risk appetite of the customer. After the customers decide to vest their policy, they would enter the “income phase”, where the corpus will be used to purchase annuity to ensure a stream of regular income payable for the rest of their lives.

 

The plan offers guaranteed additions from the sixth policy anniversary onwards. The corpus would be managed by BSLI based on the customer’s chosen vesting date and risk profile to meet their retirement objectives.

 

The company is a joint venture between Aditya Birla Group and Sun Life Financial, Canada-based international financial services organisation.

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ITC to invest Rs1,000 crore in food, consumer goods sector

ITC got possession of 39 acres at Panchla in Howrah district where it would build an integrated food and consumer goods facility and would invest Rs1,000 crore in the foods and consumer goods segment in the state over two-three years

 

Kolkata: Cigarettes-to-hotels conglomerate ITC said it will invest Rs1,000 crore in food and consumer goods sector in the next two to three years, reports PTI.

 

The company got the possession of 39 acres last week at Panchla in Howrah district where it would build an integrated food and consumer goods facility, an ITC spokesperson said, adding that it will invest Rs1,000 crore in the foods and consumer goods segment in the state over two-three years.

 

The land was given by the West Bengal Industrial Infrastructure Development Corporation.

 

ITC had already got a parcel of 18 acres at Uluberia in Howrah district where a similar integrated facility would commence. the spokesperson said, adding that both the facilities would be carried out simultaneously and were likely to be operational in the next two years.

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