Mastercard Teams Up with Fintech Startups to Accelerate Digital Payment Solutions
Mastercard has launched a new program to promote
collaboration with startups worldwide seeking to expand digital payments. Dubbed the Start Path Acceptance program, this initiative
allows Mastercard to address crucial challenges within the digital economy through strategic partnerships.
The payment giant’s global acceptance footprint has
experienced remarkable growth, doubling in the past five years to include over 3.3 billion cards. Mastercard is engaging with fintech experts through strategic partnerships to address crucial challenges within the digital economy.
“The inaugural Start Path Acceptance cohort is
comprised of startups that are driving innovative solutions across a variety of
use cases, including creating low-cost solutions for small businesses, enabling
non-traditional channel acceptance, and providing holistic business management
experiences in payments and beyond,” Mastercard noted.
Six companies, including Cardstream, Gr4vy, Hook, Nearpay, Omniretail, and Tazapay, have joined the Start Path Acceptance program so far.
These startups focus on creating low-cost solutions for small businesses,
enabling non-traditional channel acceptance, and providing comprehensive
business management experiences within the payments sector and beyond.
Mentorship and Collaboration
Throughout the four-month program, participating
startups will benefit from hands-on mentoring, collaboration opportunities, and
access to Mastercard’s global network of banks, merchants, and
digital players. According to Mastercard, this collaborative
environment fosters innovation and allows startups to refine their solutions
while contributing to Mastercard’s payments strategy.
Beyond the borders, Mastercard and VoPay joined forces last month to provide payment solutions for businesses and consumers in
Canada. Through this collaboration, the companies aim to simplify domestic disbursements and facilitate efficient cross-border transactions.
VoPay will enable real-time fund transfers to any
supported debit or prepaid card in Canada, regardless of the network, through
Mastercard Move. This move is expected to streamline various domestic
disbursements, including insurance payments, gig-worker payouts, and healthcare
transactions.
Additionally, VoPay will act as a multi-rail
disbursement platform, allowing transfers using Mastercard Move and
facilitating payments to bank accounts through VoPay Instant and electronic
funds transfer. With connections to over 210 countries, Mastercard
aims to facilitate fund transfers to bank accounts, mobile wallets, enabled
cards, and cash-out agents in over 180 countries.
Mastercard has launched a new program to promote
collaboration with startups worldwide seeking to expand digital payments. Dubbed the Start Path Acceptance program, this initiative
allows Mastercard to address crucial challenges within the digital economy through strategic partnerships.
The payment giant’s global acceptance footprint has
experienced remarkable growth, doubling in the past five years to include over 3.3 billion cards. Mastercard is engaging with fintech experts through strategic partnerships to address crucial challenges within the digital economy.
“The inaugural Start Path Acceptance cohort is
comprised of startups that are driving innovative solutions across a variety of
use cases, including creating low-cost solutions for small businesses, enabling
non-traditional channel acceptance, and providing holistic business management
experiences in payments and beyond,” Mastercard noted.
Six companies, including Cardstream, Gr4vy, Hook, Nearpay, Omniretail, and Tazapay, have joined the Start Path Acceptance program so far.
These startups focus on creating low-cost solutions for small businesses,
enabling non-traditional channel acceptance, and providing comprehensive
business management experiences within the payments sector and beyond.
Mentorship and Collaboration
Throughout the four-month program, participating
startups will benefit from hands-on mentoring, collaboration opportunities, and
access to Mastercard’s global network of banks, merchants, and
digital players. According to Mastercard, this collaborative
environment fosters innovation and allows startups to refine their solutions
while contributing to Mastercard’s payments strategy.
Beyond the borders, Mastercard and VoPay joined forces last month to provide payment solutions for businesses and consumers in
Canada. Through this collaboration, the companies aim to simplify domestic disbursements and facilitate efficient cross-border transactions.
VoPay will enable real-time fund transfers to any
supported debit or prepaid card in Canada, regardless of the network, through
Mastercard Move. This move is expected to streamline various domestic
disbursements, including insurance payments, gig-worker payouts, and healthcare
transactions.
Additionally, VoPay will act as a multi-rail
disbursement platform, allowing transfers using Mastercard Move and
facilitating payments to bank accounts through VoPay Instant and electronic
funds transfer. With connections to over 210 countries, Mastercard
aims to facilitate fund transfers to bank accounts, mobile wallets, enabled
cards, and cash-out agents in over 180 countries.
