Mastercard join hands with Citigroup for cross-border payments with debit cards
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- Mastercard (NYSE:MA) and Citigroup (NYSE:C) are partnering up to offer cross-border payments with debit cards.
- The companies will offer the cross-border payments services to Mastercard debit cards in 14 receiving markets worldwide, and has plans for further expansion.
- Citigroup will become the first global bank to use this service, which will be known as Mastercard Move.
- The service will let users make payments such as insurance, airline refunds and e-commerce transactions, the report added.
- “As the global economy has become increasingly digital, our continued investment in the future of cross-border payments helps us drive innovation at scale for our clients,” said Debopama Sen, Head of Payments, Citi Services.
- In recent times, Mastercard (MA) entered into a partnership with Amazon Payment Services (AMZN) to digitize payment acceptance in the Middle East and Africa, encompassing countries including Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, South Africa, and UAE.