IMGCAP(1)]
Citigroup Inc. and Green Dot Corp. announced Thursday the signing of agreement to offer prepaid gift and reloadable cards to consumers. New York-based Citi intends to issue the cards with either a MasterCard or Visa logo, and Green Dot, which is based in Monrovia, Calif., would provide reloading services with its Green Dot MoneyPak product or through direct deposits, the companies say. Columbus Bank & Trust Co., a division of the Synovus Financial Corp. based in Columbus, Ga., currently issues Green Dot's cards. Mark Troughton, president, cards and network for Green Dot, tells CardLine Global that the agreement did not affect Green Dot's relationship with Columbus. Citi's retail partners will choose whether they want to participate, but those that do will join the Green Dot network, Troughton says. Currently, Green Dot has more than 50,000 locations where consumers can reload their cards, Troughton says. The deal will boost Green Dot's presence in retail categories such as convenience stores and gas stations, Troughton says. While no deals have been made final, Bill Johnson, executive vice president of Citi Cards, says in an e-mail message that customers would have access to the cards soon. "The relationship also allows us to expand the breadth of services we can provide to our retail partners by offering them co-branded gift and prepaid cards," Johnson says.
