Citi has announced the launch in the Dominican Republic of Citi Mobile Collect, a new provider payment solution that makes it possible for small grocery stores and other businesses to replace cash payments to their providers with mobile transactions.
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, explained Máximo Vidal, General Manager, Citi Dominican Republic. 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.
Citi Dominican Republic is a pioneer in the Latin American and Caribbean region in implementing the Citi Mobile Collect solution. The technology, exclusively for Citi corporate clients, was introduced through a strategic partnership with GCS Systems, a local mobile payment administrator. In collaboration with Banco ADOPEM, a leading microfinance institution, Citi Mobile Collect makes it possible for small businesses that are not yet part of the banking system to open an account and perform more secure and convenient business transactions.
The new system makes mobile phones the main tool for merchants to complete financial transactions with their providers who are Citi corporate clients. Companies using the service in its pilot stage include Philip Morris Dominicana and Frito Lay Dominicana.
Citi is always looking for ways to maximize its talent, international experience and innovative technology applications to offer solutions to its clients needs in all of the markets where it operates, while at the same time contributing to community well-being and economic development via greater financial inclusion, commented Fernando Iraola, CEO of Citi Transaction Services for Latin America and Mexico.
The Citi Mobile Collect solution responds to client needs through the efficient use of technology and familiarity with the specific opportunities that characterize the Caribbean market. Citi has plans to introduce the system in other Latin American countries as well.
In the Dominican Republic, producers distribute consumer products directly to retail establishments. Many of the countrys approximately 80,000 neighborhood grocery stores and other small businesses operate on a cash basis only; currently, around 64 percent pay their providers in cash.