STRATEGIC PARTNERS
March 21, 2002
NEW DELHI, India -- MasterCard and Citibank have launched the Citibank MasterCard Electronic program, a new card with a Citpayment system designed to quicken the authorization and settlements during credit card transactions.
Citibank MasterCard Electronic is designed to provide a wide variety of payment choices to suit consumers needs and to equip customers with an efficient and state-of-the-art payment mechanism. Further, the cards will allow customers to avail of the traditional benefits associated with a credit card such as the revolving credit facility.
Citibank MasterCard Electronic product has been designed to work at all MasterCard / Cirrus ATMs and at acceptance locations in India that are equipped with EDC terminals; which are growing at a phenomenal pace.
Some of the unique features of the MasterCard Electronic product include 100 per cent electronic authorization (transactions must be card read via an EDC terminal), a non- embossed card, signature based for cardholder verification, option for truncated account numbers on the face of the card to help reduce fraud and a new specially designed MasterCard Electronic brand logo on the card face.
MasterCard Electronic cards cannot be accepted by non-EDC equipped acceptance locations, since all transactions must be card electronically read via the magnetic stripe.
