Citigroup (NYSE: C) and MasterCard (NYSE: MA) announced today that the companies have signed a new and expanded 10-year agreement.
Citi will begin aligning the company’s consumer proprietary credit and debit portfolios to the MasterCard network in 2015. Citi will continue to work with other networks, including on consumer co-brands and commercial cards.
“Citi’s new global agreement with MasterCard harnesses the size and strength of Citi’s Card franchise, creating a path with MasterCard to influence the future of payments - from global acceptance to the creation of enhanced digital payment capabilities,” said Jud Linville, CEO of Citi Cards. “Deepening our partnership with MasterCard should speed the delivery of solutions for our consumer, small business and merchant clients, and add meaningful value to Citi.”
“Citi is an important partner and the world’s largest credit card issuer, operating in the fastest-growing markets,” said Ajay Banga, president and CEO, MasterCard. “We look forward to expanding our work together to deliver innovative payment solutions to Citi MasterCard cardmembers that drive loyalty and a great consumer experience.”
For nearly 50 years, Citi and MasterCard have worked together to provide credit and debit cards to consumers and businesses of all sizes. Citi was one of the first major bank partners for MasterPass, which allows cardmembers to pay with any enrolled credit card anywhere online or in app, using any device, eliminating the need to enter payment and shipping details for each purchase.
Added Linville, “For almost half a century, MasterCard has been integral to Citi’s credit card business. MasterCard is well respected for their 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.”