Citi Could Shut Down High-Tech Card Program
Citi is close to shutting down its 2G high-tech payments card program, according to American Banker.
The card, which is battery-powered and developed in conjunction with card tech company Dynamics, has been in development for over two years, and was originally planned for a 2011 rollout. American Banker cited two anonymous industry sources who said they believed Citi will nix the program soon.
Jeff Mullen, CEO of Dynamics, said the card program is not in danger of being cancelled, e-mailing, “Dynamics affirms Citi’s statement regarding the on-going Citi 2G program.”