Citi launch new m-banking solution

Citigroup (Citi) has launched a new mobile payment solution in the Dominican Republic which is designed to make transactions more efficient for small grocery stores and businesses.

Citi said the payment solution, called Citi Mobile Collect, made it possible for small businesses that are not yet part of the banking system to open an account and perform more secure and convenient transactions with suppliers.

According to Citi, 64% of grocery stores and small businesses in the Dominican Republic operate on a cash-only basis.

The new system has been introduced in partnership with Dominican Republic-based mobile payment administrator GCS Systems.

Máximo Vidal, general manager, Citi, Dominican Republic, said Citi were using "cutting-edge technology in an innovative way" to address payment limitations in the Domican Republic.

He added: "We are offering providers a more efficient way to receive payment from their distributors, even in communities with low levels of banking, allowing them to expand their market."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Retail Banker International.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Fernando Iraola, CEO of Citi transaction services for Latin America and Mexico, said: "Citi is always looking to offer solutions to its clients’ needs in all of the markets where it operates, while at the same time contributing to community well-being and economic development through greater financial inclusion."

Citi said it planned to introduce the system to other Latin American countries as well.

Citi to axe 4% of global workforce

Citi opens Philippines smart banking branch