Mastercard will be acting as the Citigroup’s network partner when the organization launches its new Citi Plex Account. The digital accounts will run on a Google Pay foundation, and are being set up in an effort to provide Citi customers with more flexible mobile banking options.
Those interested in the service can join the Citi Plex waitlist through the Google Pay app. Once it goes live, account holders will be given a debit Mastercard, as well as an auto-provisioned instant digital debit card. Customers can also request a physical debit card, which can be used to make withdrawals at any Citi ATM. The physical cards will have contactless capabilities.
Customers that don’t want to bother with the physical cards will still be able to make contactless payments with a smartphone. The Citi Plex platform will offer digital checking and savings accounts, and can be used to make online payments.
“Today, customers want an integrated experience where their relationship with their money operates at the same speed as the rest of their lives,” said Citi Head of Business Development Alpesh Chokshi. “We are pleased to leverage Mastercard’s assets and capabilities, such as tokenization, to create an experience that is fully digital.”
“The consumer migration to digital banking was well underway and then the pandemic hit, turning the desire for digital interactions into a need,” added Mastercard North America EVP Meredith Spatz. “The acceleration of the move to digital has opened the door for new and enhanced solutions that give [consumers] increased control and insight over their personal financial management.”
Mastercard is currently providing digital and physical debit cards for Samsung’s SoFi platform, which leverages Samsung Pay. The financial giant recorded a massive spike in e-sales in the wake of COVID-19, and has tried to support public health initiatives with the development of new contactless retail solutions. The Citi Plex partnership reflects the growing interest in contactless payment technologies during the pandemic.