Citi, the world's largest provider of credit cards, and Green Dot Corporation, a leading provider of retail-based financial products and services, today announced a strategic alliance to provide Citi-issued general purpose gift cards and reloadable prepaid debit cards to consumers.
In addition, Citi Cards' retail business partners will have the opportunity to offer co-branded versions of these prepaid products to their customers. With this partnership, Green Dot further expands its national retail distribution of prepaid products.
"At Citi, we are continually looking for ways to broaden our card product offerings to consumers as well as expand the breadth of services we can provide to our retail partners", said Bill Johnson, Executive Vice President of Citi Cards. "This strategic alliance with Green Dot allows us to expand our customer base and offer prepaid card options directly to consumers and through our partners' retail channels."
Together, Green Dot and Citi will offer innovative prepaid financial solutions that are more accessible to millions of underserved consumers. Citi will issue prepaid MasterCard and Visa debit cards co-branded with Citi and/or its retail partners. Both the gift cards and the prepaid debit cards can be used for purchases everywhere MasterCard and Visa debit cards are accepted. The prepaid debit card products can be reloaded with the Green Dot MoneyPak, the leading product for reloading cash onto prepaid cards, at tens of thousands of retailer locations, and by direct deposit. Prepaid debit cardholders will also have ATM access to funds at Citibank and other network cash machines.
Steve Streit, CEO and founder of Green Dot Corporation states, "We are very proud to be working with Citi. They are a terrific organization with great retail partnerships. Citi and Green Dot share a common mission to provide core financial products and services to consumers through convenient retail locations. By combining the power of both companies, these important financial products and services will be more broadly accessible nationwide."