Citi Introduced MasterCard inControl Spend Management Service To Its Customers

Citi are set to be the first bank in U.S. banking industry that will implement MasterCard’s inControl service to customers, adding new features and functionality for customers by the end of this year. The new Citi bank service will provide will allow cardholders to organize spending limitations, coordinate budgets and rules in using the card, as well as the new service will has a capability to send a real-time SMS and email alerts to customers based on their expenditures activity.

Based to the research conducted by MasterCard shows that consumers are looking for this type of budgeting tool and consumers feel more secure using their cards with the real-time account activity alerts.

Michael Fiore, MasterCard Group Head, Emerging Payments, said:

“There’s been a lot of demand for budgeting and security. What we found is that there’s really a desire that cardholders would use this if they had it,” and added: “The idea is that they would stop using alternative forms of payment and use their cards more if they have this.”

Customers can set up the service through the bank’s website or by calling the bank’s customer service.

“They have the ability to completely customize it based on what they want,” Fiore said.

On the other hand, Barclaycard, the first credit card introduced in UK, also planning to implement MasterCard’s inControl service in UK this year.

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