A new relationship between Citi, which is the world's largest provider of credit cards, and Green Dot Corporation, which supplies retail based financial products and services, will expand the retail distribution of prepaid debit and gift cards. The agreement includes general purpose gift cards and reloadable prepaid debit cards.
In addition, Citi Cards' retail business partners will have the opportunity to offer co branded versions of these prepaid products to their customers. "At Citi, we are continually looking for ways to broaden our card product offerings to consumers, as well as expand the breadth of services we can provide to our retail partners", said Bill Johnson, EVP of Citi Cards. "This strategic alliance with Green Dot allows us to expand our customer base and offer prepaid card options directly to consumers and through our partners' retail channels."
The partnership expands Green Dot's national distribution of prepaid products. Together, Green Dot and Citi will offer innovative prepaid financial solutions that are more accessible to millions of underserved consumers.
Citi will issue prepaid MasterCard and Visa debit cards co branded with Citi and/or its retail partners. Both the gift cards and the prepaid debit cards can be used for purchases everywhere MasterCard and Visa debit cards are accepted.
The prepaid debit card products can be reloaded with the Green Dot MoneyPak, which reloads cash onto prepaid cards at tens of thousands of retailer locations and by direct deposit. Prepaid debit cardholders will also have ATM access to funds at Citibank and other network cash machines.
"We are very proud to be working with Citi," said Steve Streit, CEO and founder of Green Dot Corporation. "They are a terrific organization with great retail partnerships. Citi and Green Dot share a common mission to provide core financial products and services to consumers through convenient retail locations. By combining the power of both companies, these important financial products and services will be more broadly accessible nationwide."
Citi has some 200 million customer accounts and does business in more than 100 countries. Its major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko.
Green Dot Corporation, based near Los Angeles, provides retail based financial services for America's underserved community. Among the retail companies that offer its financial products and services are Walmart, Walgreens, CVS/Pharmacy, Rite Aid, Radio Shack and Kroger.
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