Funding Story
The rapid digitization of payment of all kinds has become a staple feature of today’s world. However, the lack of standardization of payment methods and platforms often causes hassles. Payment solutions company Citrus Payment seeks to alleviate hassles involved with digital payment. Set up by Satyen Kothari and Jitendra Gupta in 2011, Citrus recently raised $25 million in Series C funding from a number of investors.
How Citrus benefits consumers and merchants
Citrus’s platform seeks to benefit both consumers and merchants. Customers can effortlessly make payments for thousands of affiliated merchants, among whom are numbered the likes of Healthkart and PepperFry. Paypal-style express checkouts enable fast and convenient payment in a foolproof way. All relevant payment details, such as credit/debit card info and bank account numbers are stored in the highly secure CitrusWallet, minimizing the need for the customer to seek out personal details whenever a payment has to be made.
Citrus is also hugely beneficial for merchants, as it enables them to get rid of potential inconvenience caused by multi-type payments made from a variety of devices. Citrus also offers excellent analytics data, ensuring merchants to obtain key data from transactions.
Citrus’s products
In addition, Citrus claims to be the first payments company in India to provide mobile optimized payment as well as in-app payments. The total range of its products and features includes Express checkout , Turbo checkout , InstaBuy , Transaction Booster, PG Manager , CSS customization , Mobile Checkout , 360 degree analytics and Email Invoicing.
Citrus’ growth and the PS take
Citrus currently earns its revenues via commissions on transactions, and also charges a fixed amount from affiliated merchants for the use of its services. With an annual growth of close to 30 percent, Citrus’s rapid growth has already put it far ahead of rivals like BillDesk. Citrus’s diverse range of services has enabled it to capture a large portion of the market, making digital payment hassle-free in the process.
