Citi is partnering with Mastercard for the Citi Plex Account on Google Pay, a mobile-first account that will attract much attention.
The aim, says Citi, is to offer a new digital checking and savings account built with financial wellness and mobile functionality at the core of its design.
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And if you believe the hype, Citi Plex Account on Google Pay makes managing money simpler, smarter and more rewarding.
A ‘new way to bank’?
Citi’s new CEO Jane Fraser cannot be accused of underselling the launch. She describes the Citi Plex Account on Google Pay as a “new way to bank.”
News of the Citi account roll out coincides with a major Google Pay app refresh.
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By GlobalDataIn particular, Google says that it will make it easier to make P2P transfers. The updated Google Pay is already available for download.
Google targets success of Venmo and Mint
Google believes that the refreshed pay app will help it win market share from Venmo and Mint.
The launch of accounts such as Citi Plex Account on Google Pay targets the success of Zelle.
Customers with a Citi Plex Account will receive a virtual debit Mastercard. In addition, there is an option upon request for a contactless-enabled, physical debit Mastercard.
“Today, customers want an integrated experience where their relationship with their money operates at the same speed as the rest of their lives,” says Alpesh Chokshi, head of business development for Citi’s Global Consumer Bank.
“We are pleased to leverage Mastercard’s many assets and capabilities, such as tokenisation, for the Citi Plex Account to create an experience that is fully digital, and different, in banking and one that is unique to Citi.”
Meredith Spatz, Executive Vice President in North America for Mastercard adds: “The consumer migration to digital banking was well underway and then the pandemic hit, turning the consumer’s desire for digital interactions into a need
“The acceleration of the move to digital has also opened the door for more collaborative work amongst technology and financial players – to drive new and enhanced solutions for consumers that not only address their need for digital interactions but also deliver new capabilities that give them increased control and insight over their personal financial management.”
Citi first with Plex, other institutions will follow
While Citi is the first to announce the launch of the Plex account, other financial institutions are not far behind.
For example, BMO Harris, BBVA, Coastal Community Bank, Seattle Bank, Harbour Bank of Maryland and Green Dot are working on Plex accounts.
In addition, credit unions such as CEFCU are working on the launch of a Plex account.
