Mobile payments have been around for sometime but this segment is primarily being driven by standalone payment technology players like paymate, mchek, ngpay and others. There has been very little if at all any activity from the banks side.
So this news is very welcome given that the mobile banking regulations were recently announced by RBI. Citibank today announced the launch of Citi Mobile a downloadable mobile application that provides on-the-go banking. Through Citi Mobile, customers can check account balances, send money, issue drafts, pay bills, make credit card payments, register for services like e-Statements, request for a cheque book, stop payments and much more.
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