November 1, 2001 *
ResAvenue welcomes Citibank to its network
Citibank account holders in India
will soon be shopping online through ResAvenue,
India's first and only neutral online payment gateway.
ResAvenue
has teamed up with India's largest credit card organization,
Citibank, to extend its online payment services to
hundreds of Indian Merchants' web sites.
Citibank was the first card company to come into India
in the early nineties and introduce the concept of
credit payments to the average Indian consumer. Today,
that brave first step has paid off with Citibank still
being one of the most preferred credit cards in the
country.
Over the years, Citibank has consistently offered
value-adds and extras to its account holders and card
members. Now with this tie-up with ResAvenue,
Citibank expands the convenience to its patrons: the
facility to pay online at hundreds on Indian merchants
websites.
"As a pioneer in online payments, ResAvenue
is committed to providing a safe, reliable and convenient
method for online sales and purchases. With Citibank
now in its list of 'accepted cards', ResAvenue
has made e-commerce safe and easy for millions of
Citibank card members across India," said Mr.
Patel, CEO, ResAvenue.
"By partnering with Citibank, ResAvenue
users will now have an additional choice of payment
for secure, online transactions." This partnership
will make several other brand names available as payment
options to ResAvenue
customers. These include names like Diners Club International,
and Citibank E-Cards, along with conventional Visa
and Master Cards.
ResAvenue
enables any business to receive online payments securely,
conveniently and cost-effectively. ResAvenue
network builds on the existing financial infrastructure
of bank accounts and credit cards to create a global
payment solution. ResAvenue
is a popular payment network for online auction websites
and is being increasingly used at e-commerce sites
for the sale of goods, services.
About Citibank
Citigroup (NYSE:C), the pre-eminent global financial
services company, provides some 120 million consumers,
corporations, governments and institutions in more
than 100 countries with a broad range of financial
products and services, including consumer banking
and credit, corporate and investment banking, insurance,
securities brokerage and asset management. Major brand
names under Citigroup's trademark umbrella are Citibank,
CitiFinancial, Primerica, Salomon Smith Barney, and
Travelers.
Citibank is a member company of Citigroup, the largest
and the most diversified provider of financial services
in the world. With its 99-year history, Citibank has
come to be acknowledged as one of the leading international
banks in India, with a track record of outstanding
business milestones.
In India, it was the pioneer in :
- consumer banking, being the first to introduce focused
consumer lending programs;
- electronic banking, having made significant investments
in technology.
- launching credit cards in India, and ranks amongst
the leading credit card issuers in the country with
over 1.5 million card members (i.e. over 70 % of the
Indian credit cards are issued by Citibank. It has
done 'Due Diligence' and maintains complete detailed
records of more than 70% of Indian Credit Card Holders.).
Citibank is also amongst the first to launch the Real
time Internet Payment Gateway services in India. It
will act as ResAvenue's
acquiring bank to provide proprietary payment gateway
services and will allow Citibank Net Banking and Debit
card transactions through ResAvenue.
About ResAvenue
Established in the year 2000 and headquartered in
Mumbai, India, ResAvenue
provides turnkey e-commerce solutions to hundreds
of e-merchants across India. ResAvenue
is the preferred Indian payment-processing service
for e-commerce, providing server-based payment solutions,
enabling merchants to process secure transactions
in real time, 24 hours a day. The company's service
is powered by proprietary technology that integrates
online payment processing, fraud control and financial
reporting and tracking. ResAvenue
Payment
Solutions process credit cards and net banking transactions
and work with any business model, including Internet
call centres and retail. ResAvenue
has also formed strategic alliances with leading financial
institutions and technology partners to deliver the
most comprehensive online authorisation and processing
services available to Indian Merchants. ResAvenue's
secure, complete and leading-edge payment services
maximize growth at every stage of a merchant's business
lifecycle. For more information about ResAvenue,
visit the company on the World Wide www.ResAvenue.com
or call (022)-26000816/46 and 26491524.
2001