Following this strategic deal, Citi is expected to purchase the already existing Dillard’s credit card accounts, while Mastercard will serve as the exclusive payment network for all the co-branded cards offered under the new program.
All companies will focus on the evolving needs, preferences, and demands of customers while remaining compliant with the laws and requirements of the local industry. The collaboration will enable clients to access improved credit choices and optimised cardholder experiences through the use of Dillard’s suite of services.
The Dillard’s credit card program is expected to be provided by Citi in order to include a new co-branded Mastercard, as well as a private, secure, and efficient label credit card. The new co-branded Mastercard is set to replace the existing co-branded card, while Citi will deliver client service functions and provide support to certain Dillard’s marketing and loyalty program activities that are related to the new solution.
At the same time, the companies will focus on developing safe and efficient payment experiences for Dillard’s co-brand cardholders, with benefits and rewards that might complement cardholders’ dynamic lifestyles. Dillard’s, Citi, and Mastercard expect that the launch of the new program will happen in late summer of 2024, for new Dillard’s credit applications. In addition, the transfer of existing accounts to Citi’s suite of services will take place during the fall of the same year. Mastercard’s recent strategy of development
Payment-technology corporation, Mastercard had multiple partnerships and product launches in the last couple of months, covering several different geographic areas around the world.
In January 2024, the company announced the strengthening of its ongoing deal with the digital travel platform Booking.com, in order to remove payment friction for travel collaborations. Both companies joined forces to simplify the B2B travel payments and optimise the overall travel experience of their clients. The partnership also focused on accelerating the usage of Mastercard Virtual Cards, which were designed to offer more flexibility, convenience, and security to travel clients.
Earlier in the same month, Mastercard announced the extension of its collaboration with The Clearing House (TCH), focusing on providing additional and secure capabilities for customers and users. According to the press release published at the time, both firms entered a multi-year collaboration that allowed the companies to work together on optimised features for businesses, users, and governments. This took place in order to enable customers to implement the digital economy through real-time payment adoption on the RTP network.
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