"Mastercard firmly believes that crypto and blockchain technology can bring much more value to financial industries once it can solve the key issues of security and simplicity, Tech Crunch reported , citing the company’s EVP and head of crypto and blockchain Raj Dhamodharan."
"UniCredit and Mastercard today announce a global expansion of their payment partnership. The agreement sets the stage for the start of a strong partnership consistent with the UniCredit Unlocked strategy. This is the first time any large commercial bank has put in place a single card multi market strategy of this scale in Europe."
"By the end of the decade, we will witness significant innovations that will reshape commerce and usher in “the next economy." The transformative changes ahead include a reimagining of money, new ways to exchange value, intelligent experiences that cut across physical and digital environments, and elevated principles of inclusivity and sustainability changing how we design, build and deliver products."
With merchants estimated to suffer more than US$48 billion in eCommerce fraud globally in 2023 – 22% of that in Asia – Mastercard today announced the expansion of its partnership with Vesta, the global leader in payment fraud protection. Building on the two firms’ existing fraud detection collaboration, Mastercard will be integrating Vesta’s iron-clad Payment Guarantee™ and Payment Protect risk scoring solution into its Mastercard Payment Gateway Services (MGPS) platform. Starting in the second half of 2023, MPGS customers in the Asia Pacific region will be given optional access to both fraud fighting solutions which would offer total protection for their eCommerce transactions and take their cost of fraud to zero.
"For the last century or so, cash and checks have been the methods of choice for doing business, although more recently, electronic bank transfers have allowed us to make payments directly from our bank accounts instead. But even today, checks can still take a day or longer to clear, and the speed of electronic bank transfers are dependent on a country’s banking infrastructure. Traditionally, they have been processed in large batches once a day or several times a day and didn’t process electronic payments at all at night or on weekends."
"Mastercard today announced it is accelerating efforts to remove first–use, PVC plastics from payment cards on its network by 2028. This initiative further reinforces the company’s sustainability commitments and scales the accessibility of more sustainable card offerings for consumers seeking a way to reduce the environmental impact of their wallet."
"Mastercard has launched a new service called "Mastercard Crypto Credentials," which allows banks and other financial institutions to store and verify customers' digital assets, including cryptocurrencies. The service aims to reduce the risk of fraud and enhance security in cross-border transactions involving digital assets while helping boost the blockchain industry's credibility."
"“Resilient consumer spending” and the cross-border travel recovery helped Mastercard beat first quarter forecasts, per its earnings release. The takeaways..."
"Mastercard Inc. said the US Department of Justice is investigating whether the company has acted in an anticompetitive manner in its debit-card business, a signal that the agency has widened a probe that previously centered on rival Visa Inc. Mastercard said it received a civil investigative demand from the department last month seeking documents regarding a potential violation of certain sections of the Sherman Act, a sweeping law meant to protect competition."
"MasterCard has entered into a Memorandum of Understanding (MoU) with EthSwitch, the national payment switch of Ethiopia, to facilitate the implementation and widespread adoption of digital payment services by financial institutions throughout the country. According to a statement released in April 2023, MasterCard said the partnership shall enable EthSwitch to further expand the accessibility and availability of digital money transfers by utilizing MasterCard Send, a platform that enables instantaneous domestic and cross-border money transfers."
"Today, Mastercard introduced Cross-Border Services Express, a new tool that enables financial institutions to seamlessly set up international payments for their customers, including consumers and small and medium-sized enterprises (SMEs), which have a strong need for improved cross-border payment capabilities. Increasingly, consumers and businesses are looking for ways to send money or pay vendors across the globe quickly and securely. Cross-Border Services Express delivers that completely in a digital-first experience."
"Transcard, a global leader in payment and data technology, today announced that it has successfully integrated its family of embedded payment solutions, called SMART Suite, with one of Mastercard's innovative commercial offerings, Track Business Payment Service. Mastercard Track™ Business Payment Service will facilitate the exchange of data connected to payments made via Transcard’s SMART Suite. Mastercard Track™ Business Payment Service is a global open-loop commercial network that simplifies and automates the exchange of payments data between buyers and suppliers."
"Global payments processors Visa and Mastercard are fighting a new set of lawsuits over fees charged to retailers, with their lawyers telling a London tribunal on Monday that the proposed collective cases serve no purpose. The two firms already face a litany of lawsuits in London over so-called multilateral interchange fees, which retailers pay when consumers use a card to shop. Visa and Mastercard are each being sued by hundreds of claimants at London's Competition Appeal Tribunal, which is currently managing the various cases together."
PR Newswire Asia
"Distinguished homegrown culinary group LUBUDS and Mastercard today announced a new partnership that will see the two companies co-creating tantalizing offerings for diners as Hong Kong's economic recovery gathers pace, putting its world-class culinary reputation back on the map. At an exclusive launch event held on the "LUBUDS ON THE SEA" boathouse overlooking Victoria Harbour, executives from the two companies explained why they've formed an alliance that will leverage Mastercard's multisensory marketing prowess, anchored in its enduring priceless platform, to whet the appetite of the region's food connoisseurs."
"A new fintech Sibstar has launched to reduce financial vulnerability for people living with dementia. Founded by Jayne Sibley (pictured), Sibstar has a debit card and app that allows those with dementia to spend money safely. It has been in beta testing for the last nine months in a pilot of 65 people in the UK who are affected by dementia and their families. The company was launched in partnership with the Alzheimer’s Society and Mastercard."
"Global payment provider Mastercard is launching a stablecoin digital wallet integration with the Australian stablecoin platform Stables. Mastercard and Stables on March 20 announced a collaboration to allow retail customers in the Asia-Pacific (APAC) region to spend their stablecoins anywhere Mastercard is accepted."
Checkout.com, a global payments solutions provider, and Mastercard announced that they will make Mastercard Send™ available to more Checkout.com customers in the Asia Pacific region, starting in Australia and Hong Kong SAR later this year. The Send™ service which powers real-time payments for consumers, gig workers, content creators and organizations of all sizes, wherever they interact worldwide is already available in Singapore.
"Mastercard has developed a new pilot service with Service NSW and alcohol delivery service Tipple to protect customers identity information and ensure age verification with the purchase of age restricted goods online. This move comes as Mastercard makes more moves in the virtual commerce industry and grows its presence in the metaverse."
"Mastercard today acquired cloud-based cybersecurity company Baffin Bay Networks to better help businesses deal with the increasingly challenging nature of cyber-attacks. Baffin Bay Networks, based in Sweden, adds to Mastercard’s multi-layered approach to cyber security and helps to stop attacks, while mitigating exposure to risk across the ecosystem. The acquisition further strengthens Mastercard’s broader services offerings and value beyond the payment transaction."
The economy of the metaverse is growing, but many netizens still find purchasing virtual items there to be a headache. Through two recent partnerships, Mastercard hopes to address these issues — and set itself up as the default payment processor of the virtual world. Specifically, the partnerships are with Xsolla, a video game commerce company, and Immersve, a web3 payment platform. The purpose of the first of the two partnerships is to allow Mastercard customers to use their reward points for in-game purchases, as well as to send in-game currency to friends and family. The second is intended to allow consumers to spend cryptocurrency directly from their web3 wallets wherever Mastercard is accepted.
"A federal appeals court on Wednesday upheld a $5.6 billion antitrust class-action settlement with more than 12 million retailers that accused Visa Inc and MasterCard Inc of improperly fixing credit and debit card fees. The 2nd U.S. Circuit Court of Appeals in Manhattan rejected claims that a class action should not have been certified because of confusion over who deserved compensation, and that the $523 million of legal fees awarded to the retailers' lawyers was too high."
"BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled In-Vehicle Payments Market - A Global and Regional Analysis. According to this study, the recent surge in the adoption of in-vehicle payment services across developed economies and their growing global awareness is shifting automakers' focus to equip their upcoming models with the in-vehicle payment system. A prominent example of this is that well-known automakers, including Honda, General Motors, Mercedes, and others, have already begun to offer payment services in recent years."
"Mastercard has been certified under the United Kingdom’s Digital Identity and Attributes Trust Framework (DIATF) as an identity provider. Mastercard can now offer ID, its digital identity service, to organisations in the UK. Mastercard’s ID app, which is available at the major mobile app stores, gives consumers more choice in how they prove their identity whether they’re starting a new job, making a purchase, renting a flat, or applying to university."
"Checkout.com, the global payments solutions provider, and Mastercard today announced that they will make Mastercard Send™
available to more Checkout.com customers in the Asia Pacific region, starting in Australia and Hong Kong SAR later this year. The Send™ service – which powers real-time payments1 for consumers, gig workers, content creators and organizations of all sizes, wherever they interact worldwide – is already available in Singapore."
"Mastercard’s proprietary prediction models and aggregated consumer spend insights activate new ways for customers to enhance personalization across digital channels as part of the company’s Experience OS. Dynamic Yield, a Mastercard company, today unveiled Element, an exclusive suite of Mastercard applications and extensions integrated into Dynamic Yield’s Experience OS. As consumer demand for personalization continues to grow, brands must differentiate their approach to providing relevant experiences at scale."
Top payment networks including American Express Co , Mastercard Inc and Visa Inc said on Thursday they have paused work on implementing a new sales code for gun merchants, citing Republican pushback in various U.S. states on concerns about improper tracking of consumer behavior. The Geneva-based International Organization for Standardization (ISO) approved the new merchant category code (MCC) in September to help detect suspicious firearms and ammunition sales to combat gun violence. Bills in several Republican-led states would bar or limit the use of the voluntary code.
Middle East/Africa Hub
"Diamond Trust Bank (DTB) and global technology company Mastercard today announced a strategic agreement that will enable the bank to provide payment cards to tech-enabled companies including fintechs in Kenya. The Agreement, a first of its kind in the region, will enable tech-enabled companies to issue their own card propositions through DTB, using Mastercard’s technology. The agreement will enable DTB to process and settle payments in a faster, more convenient, cost effective and regulated way as it works to increase its footprint in the region."
"Optus and Mastercard have extended their strategic partnership to provide Optus customers with a secure way to prove their identity. Through the My Optus app, customers can create a reusable digital identity that they can share with consent without needing to supply physical documents."
Middle East/Africa Hub
Mastercard has partnered with Cash Plus to launch the first international e-card in the Moroccan fintech industry. This innovative solution, linked to the Cash Plus mobile wallet, offers a safe and secure alternative payment method for people purchasing online on international websites.
Mastercard Inc and Binance said on Monday they are lauching a prepaid card in Brazil, Latin America's largest economy, as part of the crypto giant's efforts to "broaden the connection between traditional finance and crypto". According to a statement, the so-called Binance Card is currently in beta testing and should be widely available in the next few weeks, making Brazil the second country in Latin America to receive it after Argentina.