Mastercard announces partners for its digital payments system
The real- time payments not only solves the problem of instant payments but also makes it easier for smaller firms to manage their cash flow and working capital.
In such, Mastercard has announced that it has chosen 16 partners for its Mastercard Send Partner Program. Under this program, it provides banks, financial technology providers and system integrators with the means to provide real-time digital payment capabilities for their customers.
This solution comes at a time when card giants like Mastercard face challenges over multilateral interchange fees and are trying to diversify their revenue streams in terms of fees collected.
As per the company’s press note, this program would allow providers to embed end-to-end real-time payments into their clients’ platform using Mastercard Send. It is designed to help ‘banks, businesses and digital players modernize the way they send payments so that they can provide their customers with increased control over their finances’.
This year, Mastercard also launched Mastercard Track Instant Pay which is a virtual card solution that uses machine learning and straight-through processing enabling instant payment of suppliers invoices.
The initial partners joining this program would be Adyen, AptPay, Checkout.com, Cognizant, Fenige, Green Dot, Ingo Money, KyckGlobal, Opentech, OpenText, Oracle, PayPal, Stripe, TabaPay, Transcard and Verestro.
Last year, it launched its commercial payments solution in Asia.
Mastercard has noted the variety of use cases for the program which ranges across healthcare, gaming, B2B payments and crypto wallet, insurance disbursements and on-demand wages for gig economy workers.
It also cited that it would benefit consumers, banks and government bodies.
“Payment solutions need to provide convenient options and reflect the increasingly complex global world”, said Liz Oakes, Executive Vice President, Send, Mastercard.
Mastercard said in a press note that it will add more partners throughout the year and will work with these companies to ‘enhance functionality and accelerate deployment of Send across global markets’.