Mastercard, a global payment technology leader, has announced the expansion of its Product Express platform to include FinTechs in Africa, the Middle East, Europe, North America, and additional markets across Latin America.
The move follows a successful regional rollout earlier in Latin America and aims to enable FinTechs to launch card programmes with enhanced speed and efficiency.
The expansion is designed to support FinTechs by significantly reducing time to market and offering a simplified, transparent process for launching card programmes.
With an increasingly competitive landscape, FinTechs are under pressure to bring innovative solutions to their customers rapidly. Mastercard aims to meet this need by providing resources, tools, and partnerships tailored for efficient programme rollouts.
Jennifer Premisler, senior vice president of Fintech Solutions at Mastercard, explained, “We are thrilled to be expanding the reach of the Product Express to more partners, more regions and more solutions. By creating a better experience for all parties, we foster innovation and reduce time to market.”
Mastercard is known for its extensive global payment solutions, serving millions of consumers, businesses, and FinTechs with a commitment to innovation in the financial services space.
The company leverages its network and technology to facilitate seamless transactions, enhance financial inclusivity, and provide advanced tools for secure payment processing worldwide.
The Product Express platform offers FinTechs a streamlined way to develop, implement, and scale card programmes rapidly. FinTechs can select the most suitable product, access certified partners with live BINs, and even use pre-approved card designs.
The offering allows them to track progress transparently, with all steps visible to all involved parties, reducing launch times to as little as 15 days.
As part of this programme, Mastercard has onboarded numerous BIN sponsors, processors, and programme managers globally, including partners like Blusalt, Episode Six, FOO, Giftstarr, i2c Inc., Nymcard, Optimus, Paymentology, and Wema Bank. This expanded ecosystem ensures a wide array of certified resources that meet various regional needs and regulatory requirements.
According to Ricardo Dantas, CEO of Foxbit in Brazil, the platform’s onboarding process allowed Foxbit to quickly integrate into Mastercard’s global payments ecosystem, strengthening its ability to deliver secure, innovative solutions to the crypto market.
“The partnership with Mastercard through the Product Express platform brought many benefits to Foxbit. The onboarding process was simple and efficient, allowing quick and secure integration into Mastercard services. The platform not only expedited our entry into the global payments ecosystem but also strengthened our ability to offer innovative and trustworthy solutions in the crypto market,” Dantas remarked.
Mastercard’s Product Express is also set to introduce additional features that go beyond card issuance.
New acceptance solutions, which will allow FinTechs to onboard more efficiently, will be available globally, including an enterprise payment solution through Mastercard Gateway.
This feature is designed to provide FinTechs with a single connection point, enabling seamless global payment acceptance and facilitating market expansion.
Jacqueline White, president of i2c, added her thoughts on Mastercard’s platform: “Mastercard Product Express delivers the simple, fast and transparent experience that customers have come to expect from other industries. The experience we provide to fintechs makes us stand out from competition and enables rapid innovation. Everyone at i2c is very proud to be the first processor in the United States to support the program.”
Mastercard’s expansion of Product Express is set to support a new wave of FinTech innovation, with a focus on speed, transparency, and market-ready solutions.
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
