December 7, 2015
Citrus Solutions has tied up with RuPay, Visa and a host of other initiatives to expand its business in the payments space. The company is led by Amrish Rau and Founders Satyen Kothari & Jitendra Gupta. The company claims to process 12 million transactions per month with an average ticket size of around Rs. 600 a day. It has over 5,000 merchants and 15 million registered users, of which about 3 million are active users.
Citrus Pay had applied for a payments bank license, but wasn’t able to secure it. It is now trying to get the users of RuPay—the Indian card scheme launched by National Payments Corporation of India—from small cities and towns on its transaction platform to expand there. "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," said Jitendra Gupta, Citrus Pay MD.
With less than a fifth of its wallet users from small cities and towns at present, Citrus Pay has to expand its footprint in such places if it wants to enter the second phase of growth. The company hopes the tie-up will help in this direction since RuPay has most of its customers in those areas.
"In order to introduce RuPay card users to our platform, we are offering an incentive of 10% cash-back on the first recharge into our wallet. This would be beneficial for our merchant partner as well," Gupta said.
Apart from focusing on merchants that deal in high-value transactions, the company is servicing hyper-local and small businesses. Citrus operates on both consumer and business side in the payments space. Airtel, IndiGo, Sun Direct, Tata AIA, Fun Cinemas, Pepperfry, Grofers and TinyOwl are among its clients. The firm charges a 2.5% transaction fee from merchants.
Currently, the firm is focusing on merchant payment services, consumer wallets and its direct-to-consumer app Cube, a personal payments manager that tracks, pays and reminds users of their bills. Recently, the company has launched Project Flight for merchants, a payment gateway that allows users to complete the purchase process through its platform. Its striking features include libraries for all languages, support for Web, iOS and Android and Windows Phone. It also supports all third-party apps and accepts all major debit/credit cards, net banking and Citrus Wallet.
Source: Economic Times, India