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October 19, 2010
Citi, Citi

Two next-generation payment technologies that Citi is developing have gained positive attention. Bank Technology News called Citi's MasterCard "Tap & Go" mobile payment tag among "The Five Best Mobile Banking Apps Now."

The mobile payment tags can be affixed to the back of devices such as cell phones and used to make payments of up to $50 at a wide range of merchants with a simple swipe. The reason it's "cool"? "Citi's effort marks a first 'out of trial' step taken by a major bank toward reaching ... the 'holy grail' of mobile banking: the cell phone wallet," Bank Technology News said.

American Banker also covered the trial rollout of the versatile Citi 2G cards that allow a user the option to pay for their purchase with credit as they normally would, or push a button to redeem points or cash rewards with a simple swipe of the card. The magazine (subscription) quoted Jeff Mullen, CEO of Dynamics, Inc., as saying, "Never before has an issuer brought this type of capability to market, one that allows consumers to choose at the point of sale to use points that they've earned."

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