Mobile payments service through Citi proves popular in Dominican shops

Mobile Payments

Mobile PaymentsCompanies have been using these smartphone transactions to pay for groceries and other purchases.

Citi has just announced the launch of its new mobile payments service for merchants such as small grocery stores and other small sized businesses within the Dominican Republic.

The new service that has been released in the Dominican Republic is called Citi Mobile Collect.

The Citi Mobile Collect service allows participating merchants to make mobile payments to their providers instead of having to rely on cash, as they may previously have done. Citi said that there are approximately 80,000 neighborhood grocery stores and small businesses in the country. The majority are continuing to pay their providers with cash.

Citi is hoping that its service will help those companies to use mobile payments and do away with cash.

The new mobile payments service allows the merchants to use the system by completing purchase transactions with the providers that they use who are corporate clients at Citi. Those corporate clients that are participating within the program already include Frito Lay Dominicana and Philip Morris Dominicana. This number is expected to grow in order to make it increasingly convenient for the small grocery and other businesses to complete their necessary transactions.

According to Máximo Vidal, the Citi Dominican Republic general manager, “Citi Mobile Collect uses cutting-edge technology in an innovative way to address provider payment limitations that directly affect our corporate clients in the Dominican Republic.” He went on to say that “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.”

The new mobile payments technology was implemented through a partnership between Citi and GCS Systems, a local administrator for this type of service. This is operated as a part of a collaboration with one of the top microfinance institutions, Banco ADOPEM. It provides “unbanked” small businesses the opportunity to open an account so that they can perform transactions more conveniently and securely, according to the company.

In its announcement, Citi said that it intended to introduce its mobile payments services to a number of other Latin American nations.

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