Mastercard upgrades Fintech platforms, enhances security measures
On April 25, 2024, Mastercard announced upgrades to its FinTech Express and Engage Programs, adding a card issuance feature on the FinTech Express platform. This unprecedented enhancement aims to simplify and globalize Mastercard’s collaborative projects with FinTechs worldwide.
The card issuance feature is designed to offer a smoother integration for FinTechs capable of meeting the burgeoning demand for digital payments. Mastercard’s latest updates are expected to streamline operations, foster innovation, and enhance user experiences in the FinTech marketplace.
The Engage programme, established seven years ago, now features a self-service portal. This new development was designed to expand FinTechs’ access to specialized resources and localized support, while also bolstering brand visibility.
A key feature of the FinTech Express platform is the complete card issuance journey, along with additional features such as Tap on Phone, Mastercard Gateway, and QR acceptance.
Mastercard modernizes Fintech services, strengthens security
This innovation aims to facilitate a rapid transition for FinTechs from application to launch, with absolute transparency.
Mastercard is all set to transform the payment industry by creating seamless and uncomplicated transactions with a combination of these unique services. The Tap on Phone feature, for instance, allows smartphones to act as payment-acceptance devices, thereby enhancing convenience and reducing reliance on physical payment hardware.
A recent announcement from Mastercard introduces “Scam Protect”, a comprehensive package devised to counter online and payment fraud, as well as suspicious account-to-account activities and illicit account openings. This strategy utilizes advanced technologies such as AI, identity detection, biometric recognition, and open banking to upgrade security measures.
The launch of this protection service comes in response to a reported loss of $12.5 billion to internet fraud by U.S consumers and about 1.4 million thefts perpetrated against UK consumers within the first half of the year. The need for enhanced security measures has thus become more pertinent than ever.
AI is seen to have a growing influence over the payments industry, significantly changing how transactions are initiated and processed. Leading global payment processor, Mastercard, points to AI’s potential role in refining data monetization strategies and making crucial decisions regarding its application in the FinTech industry.
