Global financial services consultancy Edgar, Dunn & Company (EDC) has released its report on the Citi Tap and Pay pilot service launched in the city of Bengaluru, India in July 2009.
Conceived by Citi Growth Ventures and spearheaded by Citibank India, in collaboration with Nokia, Vodafone, MasterCard and ViVotech, Citi Tap and Pay offered customers in Bengaluru the ability to make contactless purchases with their mobile phones.
Pilot participants also received promotional offers such as discounts at popular merchant locations, including department stores, food courts at shopping malls and office buildings, restaurants, fast food chains, bookstores and multiplexes.
With over 3000 customers, 250 merchant locations and nearly 50,000 purchases made, the recently concluded 26-week pilot is one of the world’s largest NFC-enabled mobile payments pilot ever undertaken.
EDC’s report, titled “Citi Tap and Pay mobile NFC proximity payments pilot – Bengaluru, Results & Findings,” addresses issues such as customer interest, usage and satisfaction.
In addition to favorable reception by merchants and customers, EDC found that the service generated high growth rates in overall transaction activity resulting in an increase in total spending of INR 26 Million.
Click here to download and view the full text of the report.