FairFX has announced that Mastercard has granted it full membership status. This gives FairFX a licence to issue Mastercard branded cards, initially across Europe but with other regions to follow.
The membership of Mastercard is part of FairFX’s stated strategy and is possible thanks to the e-Money licence the Group holds. Mastercard membership is also an example of FairFX continuing to gain direct membership of banking and payment networks rather than accessing through third parties.
FairFX currently has a number of card programmes issued by third parties that can now be brought in house. This should improve delivery and simplify processes, according to the Group.