Citi Expands its Prepaid Businesses into Latin America

by Mercator Advisory Group 0

Citi Global Transaction Services has been an active player in the Asia-pac and European prepaid markets, offering prepaid card services to its clients across the regions. And the company has been eyeing other regional markets as well. Recently, the company began its prepaid offering in three Latin American markets (Trinidad and Tobago, Jamaica and Panama) and looks to expand to other key markets in the region over time.

Citi Prepaid Services enables clients to more effectively and conveniently deliver payments to customers, employees and sales agents via a customized prepaid card.

“Latin America provides exciting development potential for our business,” said John Kohari, Citi’s Global Head for Prepaid Cards. “We are fully committed to Latin America as an integral part of our global footprint and have plans to offer our suite of prepaid solutions in strategic markets throughout the region.”

“The launch of the solution is consistent with our corporate goals in Latin America to not only reduce costs and enhance operational efficiencies, but to also increase branding and deliver more impactful payments,” says Solana Cozzo, Global Transaction Services Prepaid Cards Head for the Latin America & Mexico region.

The prepaid card market in Latin America has a relatively long history with lunch vouchers being popular employee benefits. The open-loop prepaid market has also started to grow in recent years.

Read the press release here:

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