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MasterCard Will Offer Flexible Control Service for Citi Cardholders in Late 2010
PURCHASE, N.Y. (Profitable.com) Citi and MasterCard Worldwide today announced that Citi will implement the first-ever consumer application in the U.S. of MasterCard inControl – an innovative service that gives cardholders the ability to set spending controls and receive real-time information about their accounts.
MasterCard inControl empowers customers to establish customized spend management controls as well as maintain secure and intended usage through real-time alerts. Through inControl, cardholders will be able to:
- Set up and manage spend-limits.
- Set up budgets for particular types of spending and manage exactly where, when, how, and for what types of purchases their credit cards may be used.
- Establish how and when they receive alerts, via SMS-text or email, to safeguard against overspending and keep them informed in real-time about attempted card activity.
Recent MasterCard research showed that 49 percent of consumers feel the type of budgeting tool that inControl enables would help them better manage spending while 51 percent of consumers also feel that inControl alerts will help them feel safe and secure using their cards.
“Citi is committed to providing greater choice and control to our customers, making their lives easier, and helping them better manage their money consistent with the principles of Responsible Finance,” said Ed Garofalo, executive vice president, Citi Cards. “We believe that MasterCard inControl will help enhance our cardholders’ experience, through increased transparency, greater spending confidence, and more secure and efficient financial management.”
“Through the MasterCard inControl service, we are focused on leveraging the latest technology and consumer trends and our global network to provide card functionality that gives power to the people as they navigate today’s new financial realities,” said Ed McLaughlin, chief emerging payments officer, MasterCard Worldwide. “We are excited to be working with Citi to bring these cardholder alerts and controls to life, offering them better information and greater control over their spending activity.”
The service will be available to cardholders of participating Citi MasterCard credit cards in late 2010.
About MasterCard® inControl™
MasterCard inControl is an innovative, flexible service which enables issuers to easily introduce payment products that offer unparalleled controls and alerts to both consumer and commercial cardholders. The suite of inControl offerings satisfies strong end-user needs for high security and controlled access to spending accounts, while providing cost-efficiencies and speed-to-market for issuers and no need for any changes in the payment process at the merchant.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes approximately 22 billion transactions each year, and provides industry-leading analysis and consulting services to financial-institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com. Follow us on Twitter:@mastercardnews.
Erica Harvill, 914-249-6848
Dave Collett, 314-552-6720
Tami McCarthy, 212-750-5755
Samuel Wang, 212-559-0499