Riding on optimism surrounding the country’s e-commerce business, Citi Indonesia is eyeing to score between IDR400 billion (US$30.8 million) to 500 billion in transactions from the newly launched the Citi Virtual Card Account (VCA), which is intended for corporate clients. The new card offers flexibility, streamlined purchasing, robust control, as well as easy, fast and customizable reconciliation and reporting. In terms of security, Citi can generate a unique, plastic-less 16-digit virtual card number for each corporate e-commerce transaction. One of the leaders in this space is Nagarajan Rangarajan, Regional AVP for Cards & Payments at Citibank N.A. We caught up with him for a short chat to find out what makes him tick.
Q: Hi Nagu, could you share a bit more about yourself?
I’m a fulltime husband, father and last but not least a banking professional. I spent all my career working on Cards & Payments in various areas like Business Analysis, Product Management, Production Management & Product Deployment.
Q: Are electronic transfers more cost-efficient than traditional manual based cash delivery methods, and under what conditions?
When it comes to Money movement, Electronic methods always have additional cost involved. (Though the bearer might be sender, recipient, banks, third parties depending on the volume, location, etc). The cost is justified due to the traceability it provides and the manual labour it eliminates.
Q: What is needed to make digital payment systems valuable and attractive for poor households?
Four things: Availability, Affordability, Integration into lifestyle and Security.
Q: How will E-business models and partnerships affect the quality and value of digital payment systems in Asia?
There are few key players in any of the Business Model: Service Provider, Bank, Country Regulator and Merchants. This would be the right combination of Innovation, Trust, Security and target usage area.
Q: Where do you see the Asian E-payments landscape heading in the next decade?
This is an exciting time and in the next decade countries will even stop minting currency or at least reduce it drastically. The human factor would be next big thing. PIN and Passcodes will slowly be replaced by gestures, selfies, voice, iris authentications.
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