Citi launches digital credit card for new customers
Singapore is the first market ever where Citi has rolled out this service for new cardholders.
Citi’s new credit card customers in Singapore will have access to digital versions of their plastic for immediate use, even before receiving the physical copy of their credit cards, the bank said in a press release.
This is a first for Citi globally, making Singapore the first market for the bank to roll out this initiative for new cardholders.
New credit customers in Singapore will receive their digital credit cards through the Citi Mobile App. Upon approval of their application, a cardholder receives a notification through either e-mail or SMS to create an online banking account. Once the online banking account is created, the digital credit card is immediately provisioned on the app, giving the cardholder a credit card number, expiry date as well as a temporary CVV.
Currently, 95% of all Citi’s new credit card acquisitions over the past year came through online channels. At the same time, Citi’s share of lending acquired through digital channels has also increased, reaching 61% in 2020, up from 49% in the previous year.
The digital credit card will allow new clients to make online payments, enroll their cards into Apple, Google, and Samsung Pau, and set up recurring payments including those for subscription-based services, according to Citi.
The digital card service was first introduced in 2020 to Citi’s existing credit card customer base, facilitating the delivery of lost or replacement cards in multiple markets where lockdowns due to COVID-19 had restricted movement and impacted logistics around the world.
This new feature has been launched for Citi Mobile App users on Android and will be made available to iOS users later this month.