citiprepaid – Citi, is a global financial services company operating in over 100 countries. With over 200 million customers including individuals, businesses, governments, and institutions it offers a wide range of financial products and services.
These services include securities brokerage, wealth management, corporate & investment banking, consumer banking, and credit. Some of the popular brands that function under Citi are Citibank, Banamex, CitiFinancial, Primerica, Nikko, and Smith Barney.
Citi & Wirecard Collaboration
In June 2016, Wirecard, an international group of companies expressed intentions to buy Citi Prepaid Card. This clearly meant that Wirecard was planning to expand its global presence in payment processing. The focus remained on card issuing and payment processing.
In March 2017, Citi Prepaid was acquired and introduced Wirecard North America. So far, Citi Prepaid has issued over 2,500 card programs to consumers from various segments.
These include pharmaceutical companies, telecommunication service providers, global IT and electronics manufacturers, internet and consumer goods corporations, and public sector clients.
The program consisted of compensation cards, incentive, and corporate disbursement for salaries or travel. With the merger of both the companies, consumers could enjoy mobile payment solutions and completely digitized prepaid cards and via one platform.
Post the merger, approximately 120 employees from the Citi Prepaid operations services were shifted to Wirecard. In January 2020, a contract extension was announced.
Benefits of Citi Prepaid & Wirecard Collaboration
- The acquisition allowed the digital card to be loaded in real-time.
- Introduced latest technologies from the digitalized card sector
- Global PSP was launched that acquired omnichannel solutions
Wirecard enters into the USA via Citi Prepaid Cards
Under an undisclosed term, the German company entered the North America Market by buying Citi Prepaid Card operations. Wirecard is the 2nd largest payments processor in Europe while WorldPay occupies the 1st position covering the Middle East, Latin America, and Southeast Asia.
Citi & Green Dot Corporation Collaboration
Another biggest merger was between Citi and Green Dot Corporation. GDC is a leading retail-based financial products and services provider. The merger offered general-purpose gift cards and reloadable prepaid debit cards issued by Citi. With this partnership, Green Dot intended to expand its retail distribution of prepaid products.
Benefits of Citi & Green Dot Corporation Collaboration
- It offered innovative prepaid financial solutions for underserved customers.
- Citi issues prepaid Visa debit cards co-branded with Citi and/or its retail partners.
- Both the prepaid debit cards and gift cards can be used for purchases everywhere.
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