In an announcement released this morning (March 4), Citibank said that it has signed a “new and expanded” deal that will align debit and credit cards issued by Citibank with the MasterCard network for the next ten years. The effort to align the Citi portfolio with the MasterCard network will begin this year. Citi and MasterCard have worked together for 50 years to deliver credit and debit solutions to cardholders and Citi was MasterCard’s first MasterPass issuer.
Jud Linville, CEO of Citi Cards, remarked in the release that this deal will “create a path that will influence the future of payments” and will mean an acceleration in the delivery of value-added solutions to its consumer, small business and commercial customers. MasterCard CEO Ajay Banga called Citi an “important partner” and said that Citi and MasterCard, together, will continue to deliver innovative solutions that drive loyalty and a great customer experience.
This news comes on the heels of the announcement on Monday that Citi will work with Visa to issue Costco cards, replacing American Express.
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