Mastercard extends its B2B payments solution for the Asia Pacific region
Earlier this year, payments giant Mastercard announced its launch of Mastercard Track Business Payment Service in the U.S. that aimed to expand and modernize B2B payments.
This week, the company has rolled out B2B payments features in the Asia Pacific market with an extension of Mastercard Track Card to Account Transfer which would allow businesses to use the commercial card to pay their suppliers regardless they accept card payments.
Mastercard Track is a suite of product and services which includes Mastercard Track Card to Account Transfer solution, Mastercard Track Business Payment Service and Commercial Purchasing Card.
According to the company, Mastercard Track Card to Account Transfer will manage businesses ‘cash flow, eliminate manual work and expand payment options as Suppliers can receive card payments by Buyers directly in a bank account’.
Under this solution, businesses including suppliers and buyers would be able to address the complex challenges faced by them. In that region, Mastercard Track Card to Account Transfer would allow clients to offer businesses with financing option providing extended credit and efficiency in accounts payables.
This is Mastercard’s second big attempt in Asian markets this year after the company launched its cross-border payment services in China in partnership with Bank of Shanghai. Under that, business customers would be able to transfer funds to any local bank in China and access real-time exchange rates for the Chinese Yuan.
Mastercard Track was rolled back in 2018 which is a solution allowing businesses to automate the exchange of payments-related data between the buyers and suppliers.