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Citi and Mastercard Partner to Transform Global Cross-Border Payments
Citi and Mastercard recently announced a new collaboration aimed at transforming cross-border payments.
Citi is now the first global bank to offer cross-border payments to Mastercard debit cards in 14 receiving markets worldwide, with plans for further expansion.
This initiative leverages Citi’s WorldLink® Payment Services and Mastercard Move’s money transfer capabilities, enabling Citi clients to make near-instant, full-value payments to consumers using their Mastercard debit card details.
Citi clients across 65 countries, in sectors such as corporate, financial institutions, e-commerce, and commercial, can now access this integrated solution. It simplifies cross-border payments, making them faster, more efficient, and more accessible.
Use cases for the solution include insurance payouts, airline refunds, on-demand payments to freelance and gig workers, and e-commerce payments to merchants.
With over 3.4 billion debit, prepaid, and credit cards issued globally by Q2 2024, Mastercard’s worldwide reach will extend Citi’s presence even further in the global payments landscape.
Alan Marquard, Head of Transfer Solutions at Mastercard, says, “Cross-border payments are a key area of growth for Mastercard, and we are constantly innovating to provide payment solutions that better cater to the needs of our global customers. By powering fast and secure cross-border transfers to Mastercard debit cards, our collaboration with Citi marks a significant milestone in bringing the ease and simplicity of domestic payments to the cross-border payment space.”
This new initiative expands Citi’s payout offerings, allowing payments to destinations in Europe, Asia, Africa, Latin America, and the U.S. domestically. Citi’s WorldLink Payment Services allow clients to make cross-border payments in over 135 currencies through multiple payment methods, including traditional wires, ACH, digital wallets, and now, Mastercard debit cards.
Mastercard Move, which provides fast and secure money transfer solutions, expands this capability by reaching more than 180 countries and 150+ currencies, with access to over 95% of the world’s banked population.
This article, “Citi and Mastercard Partner to Transform Global Cross-Border Payments” was first published on Small Business Trends