“Digitization of low-value cash transactions has begun with a bang on 2015. Latest initiatives announced on Thursday include a deal between Kotak Bank and Airtel Mcommerce and Kotak Bank for a payment bank, Yes Bank partnering Citrus Pay for a payment gateway and HDFC Bank introducing Chillr - an application that will allow customers to send to their contact's smart phone amounts as low as one rupee instantly. The person-to-person transfer is a precursor to the next phase when the bank will market this app to merchants.”
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