At the launch event of BIL-Ryerson Zone Startup India, Citrus Pay, the startup that works in the online and mobile payments space, announced the launch of their latest app Citrus Cash. They are among the eight startups that are currently being incubated at the facility in Mumbai. With an eye to solve the problem of chutta i.e. loose change, the app allows users to send, receive and transfer money via an email. Designed for peer-to-peer transactions, the app was launched last week at the opening day of the Mumbai incubator.
Citrus Cash becomes a new addition in line to the many mobile wallets that already exists in the market like Oxigen, Zipcash and Airtel Money among others. However, at this point you cannot make transfers from other mobile wallets into or out of Citrus Cash.Consumers need to sign up at citruspay.com for an account or download the Citrus app from the Google Play store, load an amount of their choice via credit card, debit card, or directly from their bank. Amounts can be from as little as Re 1 to up to Rs 10,000. This app will enable the user to transfer money to friends, colleagues and family members. Founder Satyen Kothari claims to have implemented multiple layers of security measures to safeguard consumers’ credit information. The app is also PCI-DSS compliant and adheres to all RBI policies.
Citrus makes money from its merchant customers – a fixed percentage of the transaction as fee and a software payment for using the software suite. All services for customers are free of cost. Citrus Cash is currently only for individual customers, B2B transactions are still some time away. It can be downloaded from Google Play Store and is also available on all mobile browsers and on the web free of cost.
Citrus Pay has rolled out a contest to publicise the app among the student community across IITs, IIMs and ISBs. “The Citrus Strategy Leadership Contest (CSL) is aimed at directing bright minds towards not only thinking and strategizing but also in executing their marketing skills in creating a plan for our ‘Death of Chutta’ app/Citrus Cash App,” says Satyen. The challenge posed to students was to tackle the menace of chutta (loose change) and small cash transactions. Another nationwide contest titled, ‘The Race to Thailand’ has been launched, where participants stand a chance to win online prize money between Rs 500 and Rs 2000. The mega prize for this contest is a trip to Thailand.
Citrus was founded in 2011 and has three business lines – payment processing (including Netbanking, Cards, EMI, COD and rules engines), enterprise payment SaaS solutions (success rate optimization, multi-platform payments, analytics) and consumer payment services (online/mobile e-wallet and p2p payments). Its customers include Indigo Airlines, Airtel, Sun Direct, Shine, Reliance Entertainment, Abhi Bus, Zivame, EasyCabs, Delhi Metro, Delhi Jal Board, DDA and Healthkart.