Credicard

Credicard, a wholly-owned subsidiary of Citigroup Inc., has signed a binding agreement with Elavon, a wholly-owned subsidiary of U.S. Bancorp and leading global payments provider, for the establishment of a joint venture which will be a merchant services company offering payment solutions to the Brazilian marketplace.

Combined with Credicard’s market expertise and brand recognition, Elavon will deliver a robust processing platform, financial efficiency, innovative payment solutions and secure point-of-sale devices for mobile acceptance environments.

 MasterCard Worldwide, Credicard, Citibank’s credit card administrator for the Brazilian market, and Redecard have partnered for the introduction of MasterCard PayPass contactless payment technology in Rio de Janeiro. The initiative is aimed to enable customers to make payments at public transportation and other quick service merchants. According to the statement of MasterCard its PayPass technology is the first product launched for public transportation in Latin America.