In a quest to expand its business and presence within Indian territory, Mumbai-based digital wallet startup Citrus Pay has reportedly joined hands with RuPay and Visa and a host of other initiatives.
Founded by Jitendra Gupta and Satyen V Kothari, Citrus Pay is a fintech company focused on providing simplified payment experience to consumers. Citrus partners with the airlines, utilities, marketplaces, and other merchants to provides consumer payments and mobile banking services.
Citrus Pay has been making numerous attempts to extend its reach to as many users as possible. It even applied for a payments bank licence, but couldn’t get one. Following a failed attempt to get a payments bank license, Citrus Pay is now trying to get the users of RuPay , the Indian card scheme launched by National Payments Corporation of India.
We are planning to increase our present 10 million wallet user base by 2 million over the next 60-90 days by facilitating acceptance of RuPay cards,
Citrus Pay MD Jitendra Gupta said.
Citrus Pay has majority of its users belonging to high profile cities and has less than one fifth of its total user base from towns and rural/semi-rural areas. Seeking a great a attention from this left behind areas, it has partnered with RuPay, which has a strong customer base in rural community.
In order to introduce RuPay card users to our platform, we are offering an incentive of 10 per cent cashback on the first recharge into our wallet. This would be beneficial for our merchant partners as well,” Gupta said.
The fintech space is getting very exciting with a lot of large players pushing hard for a bigger piece of the pie. Backed by China’s Alibaba, Paytm has spread wings to become a internet conglomerate in India.
On the other hand, Snapdeal has been stuffing Freecharge with sufficient funds to compete against Paytm. On sideline, Mobikwik and Oxigen has been making substantial progress and are getting equally good.
Citrus Payment Solutions, parent company behind Citrus Pay, also acquired Bangalore-based payment platform Zwitch to venture into fresh verticals.
In October, it had raised $25 million( about 162 crores) in Series C round of founding from existing investors Sequoia Capital, eContext Asia, Beenos Asia and a new investor Ascent Capital. The funding round valued Citrus Pay close to $90-$100 million.