Citi and Mastercard have collaborated to offer cross-border payments to Mastercard debit cards in 14 markets worldwide, with plans for further expansion. Utilising Citi’s WorldLink Payment Services and Mastercard Move’s money transfer technology, Citi clients can now make near-instant, full-value payments to consumers through their Mastercard debit card details, with near 24/7 availability.
This new integrated solution is available to Citi clients in 65 countries across corporate, financial institutions, e-commerce and commercial sectors, simplifying and accelerating cross-border transactions. It supports a wide range of use cases, such as insurance payouts, airline refunds, payments to freelance and gig-economy workers and e-commerce merchant payments, making global payments more efficient and accessible.
Debopama Sen, Head – Payments, Citi Bank, said, “As the global economy becomes more digital, our investment in cross-border payments helps us drive innovation for our clients. This collaboration with Mastercard strengthens our global network and enables our clients to make seamless cross-border payments.”
With this partnership, Citi expands its global payout offerings across Europe, Asia, Africa, Latin America and the United States, providing access to over 135 currencies through a variety of payment methods including wires, ACH, digital wallets and now Mastercard debit cards.
Alan Marquard, Head – Transfer Solutions, Mastercard, also expressed his opinion on this collaboration. He said, “Cross-border payments are a key growth area for Mastercard. This partnership with Citi is a major milestone, bringing the simplicity and speed of domestic payments to the global stage.”
