Citi launches new Debit Mastercard in Vietnam

Linked to the bank account of the customer, the Citibank Debit Mastercard performs standard functions including cash withdrawals and purchase payments. The new Mastercard is also contactless-enabled, affording customers the convenience of paying for purchases at millions of merchants in almost 80 countries worldwide.

“At Citi, our goal is to deliver best-in-class products and services, and to ensure remarkable banking experience for our clients, wherever they are. The new Citibank Debit Mastercard is packed with features, benefits and privileges, including exclusive offers on dining, shopping, travel and lifestyle purchases,” said Natasha Ansell, Vietnam Citi country officer.

Debit cardholders will enjoy a suite of new features including access to Mastercard’s highly successful Priceless® Cities programme, which provides exclusive travel and lifestyle experiences in more than 45 destinations around the globe.

Citi Vietnam has commenced issuing the new Debit Mastercard to their customers, with all customers expected to receive the new card soon.

“We have accelerated efforts to transform our model to be simpler, dramatically faster, more scalable and far more digital. Mastercard is well respected for their global leadership and role in driving payments innovation, and we are very pleased to continue our work together to make payments simpler, easier, and more secure for our clients,” added Ansell.

Citi was one of the first major bank partners for Masterpass, allowing cardholders to pay with any enrolled credit, debit anywhere online or in app, using any device, eliminating the need to enter payment and shipping details every time they make a purchase.

“Beyond the convenience of making cash withdrawals and point-of-sale transactions anywhere in the world Mastercard is accepted, Citi customers will have access to new functionalities on their debit cards from making secure online transactions to contactless mobile payments and more,” said Julienne Loh, executive vice-president, Global Products and Marketing, Asia Pacific, Mastercard.

According to Euromonitor, debit is the fastest growing payment method in Asia Pacific, representing 58 per cent of card payment volumes at around $6.58 trillion. In 2016, debit transactions grew at 21 per cent CAGR, outpacing both credit transactions (18 per cent) and cash (13 per cent).

Higher growth in transactions compared to average ticket size further indicates an increasing preference for using debit for everyday transactions.