Fintech News

Innovative Partnership with Paytm Sparks Citigroup’s Growth in India

Innovative Partnership with Paytm

Mumbai,  India – Dec 1st, 2020 – Paytm celebrates its partnership with Citigroup for the first-ever Citi-Paytm card launch in the Indian market. This groundbreaking initiative between the two is set to revolutionise Citi’s market presence in India and drive digital payments through Indian fintech giant Paytm. The Citi-Paytm card’s launch saw extraordinary success, with over 1 million accounts acquired and $25 million in sales within the first year. This success story expanded Citigroup’s reach to tier 2 and tier 3 cities in India and earned widespread media coverage from renowned outlets such as The Wall Street Journal, Livemint, and PYMNTS. The customer acquisition achieved showed massive increase in account acquisition, gaining over 1 million new accounts in the first year. The new account acquisition generated $25 million in sales, driving substantial financial growth.

The winning team responsible for its perfect execution was led by Mr Jasir Altaf Haqani, a key player within the Analytics and Product team. His innovative efforts, particularly on the Citi-Paytm card, have been widely praised for their profound impact on Citi’s market presence in India. The co-branded credit card, launched in partnership with Indian fintech giant Paytm in May 2019, was instrumental in helping Citi expand its retail banking market despite a limited branch network.

Citigroup proudly recognizes the outstanding contributions of Mr Haqani to the bank’s product-led growth initiatives. Stephen Bird, former CEO of Global Consumer Banking at Citi, has highlighted Jasir’s transformative role in digital product development and risk analytics, which have led to significant advancements in Citi’s financial services.

“Jasir’s innovative mindset and technical expertise were pivotal in the successful launch of the Citi-Paytm card. His work not only expanded our customer base but also set a new standard for product development in the financial sector,” remarked Stephen Bird.

Citigroup is a global banking leader dedicated to driving technological transformations in the financial services industry. With expertise in analytics, data sciences, and enterprise technology, the firm focuses on mitigating credit abuse and fraud losses using big data and advanced analytical techniques, promoting innovation and sustainable growth in the fintech domain.

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