October 23, 2010 – Citibank 2G Paycards are leaving their usual look behind and is now revamping into a state-of-the-art design using smart-end technology. Citibank is said to be coming out with and testing their newly designed 2G Paycards, which would feature two buttons. The featured buttons will give the cardholder the option to have their credit card processing occur through their reward points or charge it on credit. Paycards issuers started launching the progressed Paycards, which hosted a chip instead of the traditional magnetic strip, which required users to insert the PIN code in order to process payments; this deterred fraudulent activity by others. Citibank released the 2G Paycards, which encompassed conventional plastic, fitted with a battery with a four-year life, an embedded chip and featured buttons.
Terry O’Neil, Executive Vice President CitiCards said:
“We’ve developed a proprietary technology that will allow Citi to do the conversion when the transaction comes through. All they need to do is push that request-rewards button and we take care of everything else for them. They leave the store with the merchandise they selected.”