07:23 AM EDT, 10/10/2024 (MT Newswires) -- Citigroup ( C ) and Mastercard (MA) are partnering to facilitate cross-border debit card payments, Bloomberg reported Thursday, citing the companies.

Clients will make transactions through the Mastercard Move service including insurance payouts, airline refunds and e-commerce payments, the report added, citing a companies' statement.

The partnership will "enable our clients to make cross-border payments as though there are no borders, no currencies, no constraints," the report quoted Debopama Sen, head of payments for Citi's treasury & trade solutions business, as saying.

The debit card offering will be available to Citigroup's ( C ) clients in 65 countries, the report said, citing the statement.

Customers want "on-demand payments that can be received quickly and then easily re-spent," Mastercard's ( MA ) head of transfer solutions Alan Marquard told Bloomberg in an interview.

Neither Citigroup ( C ) nor Mastercard ( MA ) immediately responded to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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