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Citi has become the first bank to leverage Mastercard’s new platform, Mastercard Move, enabling its clients to make near-instant, full-value cross-border payments directly to consumers using their Mastercard debit card details. This innovative service offers nearly 24/7 availability, providing faster and more efficient international transactions.
According to Mastercard, the new payment solution caters to a wide range of use cases, including insurance payouts, airline refunds, and on-demand payments for freelance and gig workers. Initially, the service will be available to businesses across corporate, financial institution, e-commerce, and commercial sectors in 65 origin countries, with transactions directed to 14 receiving markets.
Alan Marquard, Head of Transfer Solutions at Mastercard, emphasized the significance of the partnership with Citi, stating: “By enabling fast and secure cross-border transfers to Mastercard debit cards, our collaboration with Citi marks a pivotal step in bringing the ease and simplicity of domestic payments into the cross-border payment space.”
This partnership highlights a growing trend in the financial sector towards more seamless and transparent international transactions, aiming to reduce friction and enhance the payment experience for global businesses and consumers alike.
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