CitiBank is all set to take the challenge posed by various mobile wallet players in the country such as PayTM and Freecharge. The banking industry is under huge pressure from new players in the market whose domain is not banking but are challenging banks a big way. Retailers are behaving like banks whereas wallet players are behaving like everything - banks as well as retailers.
One of the Citibank executive told reporters in the capital yesterday that the bank is already working in this side and is ready to take on the challenge. He, however, did not divulge any details about the steps the bank is taking. Citibank is the leader in terms of implementing technology practices for the banking operations. It was the first bank in the country which discouraged customers from coming to the branch.
Its competitor - ICICI Bank - does also have its own mobile wallet service that is PayBack. Though this service does not have huge impact, it continues to be there and offer different services to customers.
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