Citrus Payments is a digital payment company focusing on online checkout processes, and aims to be a fast, convenient, safe, portable and reusable single stop payment solutions provider in India. The company has now launched a new web and android app called – Death of Chutta - to address the problem of small denominations of cash and loose change.
Citrus Payments was Incorporated in August 2011. By November 2012, the company was processing more than 100,000 transactions per month! In July 2103, the company got RBI license for stored value payments using proprietary IP.
- With the Death of Chutta app, users can load any amount between Rs 1 and Rs 10,000 through credit/debit card, internet banking or post.
- The app will enable users to transfer the money to friends, colleagues and family members within a few seconds.
- Users can also return borrowed money to friends, pay shared bills, ask for refund of money lent to friends, or request friends to lend them money.
- The money transfer can be made to any specified bank account at anytime, and the app also enables users to see all their past transactions and keep a track of their spending patterns.
- According to the company, once the money is loaded in the app, it takes only a few seconds and a single password to make a financial transaction between two individuals anywhere in India, even if the recipient is not a Citrus account holder.
- Citrus Payments earns its revenues by charging 0.75-2.5 per cent of the transaction value from the merchants.
“The need of the hour is to transform the way we make and receive payments. Mobile or e-payments are the future with the growing mobility of Indian populace,” said co-founder of Citrus Payments, Satyen Kothari. “Now, college students, family members and colleagues can all replace the need for cash and the headache of dealing with change. They can split bills for lunches, canteens, outings and much more in a couple of seconds flat,” he added.
“You may not be able to use pre-2005 notes, including Rs 500 and Rs 1,000 from March 30, 2014. Also, fake, obsolete and damaged notes can never again bring a wrinkle to your forehead with the use of our new application. The application ensures that you never discredit your credits and debts,” said Jitendra Gupta, CEO of Citrus Payments. “We wanted to address the pain of physically carrying all those notes and coins. And no more ‘Chutta nahi hai’ excuse to not give or take money.”
Recently, Citrus Payments raised $5.5 Mn as series B funding from two Japanese investors: Econtext Asia and Beenos Asia. Econtext Asia is an online payment company while Beenos Asia is a subsidiary of Netprice, which is a major e-commerce player in Japan. Citrus currently processes over 2.5 Mn transactions per month. It also caters to more than 1200 merchants including giants such as Indigo, Airtel, Fun Cinemas, Reliance, PVR and Delhi Metro.