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Banking & Finance

Citi launches new debit Mastercard

Released at: 13:33, 21/07/2017 BUSINESS SPOTLIGHT

Citi launches new debit Mastercard

Photo: Citi

Citibank Debit Mastercard to be issued to all customers shortly.

by Doanh Doanh

Citi Vietnam will join ten key Asia-Pacific markets in issuing their customers with the new, contactless Citibank Debit Mastercard, following Citi’s global success in launching Mastercard debit cards around the world. 

“At Citi, our goal is to deliver best-in-class products and services and to ensure a remarkable banking experience for our clients, wherever they are,” said Ms. Natasha Ansell, Vietnam Citi Country Officer. “The new Citibank Debit Mastercard is packed with features, benefits and privileges, including exclusive offers on dining, shopping, travel and lifestyle purchases.”

Linked to the bank account of the customer, the Citibank Debit Mastercard performs standard functions such as cash withdrawals and purchase payments. The new card is also contactless-enabled, affording customers the convenience of paying for purchases at millions of merchants in almost 80 countries worldwide.
Debit cardholders will enjoy a suite of new features, including access to Mastercard’s highly successful Priceless® Cities program, which provides exclusive travel and lifestyle experiences in more than 45 destinations around the globe.
Citi Vietnam has commenced issuing the new Debit Mastercard to their customers, with all expected to receive the new card soon.
“We have accelerated efforts to transform our model to be simpler, dramatically faster, more scalable and far more digital,” said Ms. Ansell. “Mastercard is well respected for its global leadership and role in driving payments innovation, and we are very pleased to continue our work together to make payments simpler, easier, and more secure for our clients.”

Citi was one of the first major bank partners of Masterpass, which allows cardholders to pay with any enrolled credit, debit anywhere online or on an app, and use any device, eliminating the need to enter payment and shipping details every time they make a purchase.

“Beyond the convenience of making cash withdrawals and point-of-sale transactions anywhere in the world Mastercard is accepted, Citi customers will have access to new functionalities on their debit cards, from making secure online transactions to contactless mobile payments and more,” said Ms. Julienne Loh, Executive Vice President, Global Products and Marketing, Asia Pacific, at Mastercard.

According to Euromonitor, debit card is the fastest growing payment method in Asia-Pacific, representing 58 per cent of card payment volumes at around $6.58 trillion. In 2016, debit transactions grew at a CAGR of 21 per cent, outpacing both credit transactions (18 per cent) and cash (13 per cent). Higher growth in transactions compared to average ticket size further indicates an increasing preference for using debit cards for everyday transactions.

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