Mastercard platform is now supporting technology integrations for a full payments ecosystem
People today are more connected, more technologically savvy and more mobile. As a result, issuers, merchants and device manufacturers seek to provide them more innovative ways to pay and be paid across all channels and devices.
Bringing these solutions to life depends on an ability to find the right service provider who can work behind the scenes to integrate the technology. Mastercard unveiled the latest expansion of the Mastercard Engageplatform to connect more customers with service providers who are working to bring these products to market more easily.
Since its launch in February 2017, the platform has tripled the number of participating vendors. These vendors have indicated their capabilities include deploying digital wallets, enabling tokenization, facilitating instant payouts and launching mobile point of sale solutions, among others.
Engage now has more than 150 participants across four digital business verticals, many of whom are actively serving the company’s customers at the global and regional levels. Customers who decide to work with these vendors will likely eliminate the need to experiment with unfamiliar technologies on their own, reduce the risk of troubleshooting during projects and increase their speed to market.
“Today’s digital world unlocks new opportunities for businesses, but they need the right resources to turn their ideas into reality,” says Kiki Del Valle, SVP of Commerce for Every Device. “By expanding Engage to connect more customers with the right partners, they are able to independently assess those partners and focus on the bigger picture of making a positive impact around the world.”
The expanded Mastercard Engage platform is now enabling a full payments ecosystem for issuers, merchants and IoT device manufacturers.
Issuers benefit from Mastercard Engage by identifying 22 vendors including Giesecke & Devrient who can more easily tokenize and digitize card portfolios and deploy their own Masterpass-enabled digital wallets. In addition, Inside Secure has expanded its participation this directory to now integrate Masterpass QR APIs into digital wallets so they can also accept QR payments.
Mastercard Engage will now have a directory that provides merchants with access to 100 vendors who are self-certified for mobile point of sale solutions. The company also has plans to add vendors to a directory that will help merchants integrate Mastercard Send and MoneySend for instant payments.
IoT Device Manufacturers
Manufacturers of IoT devices can work with Mastercard Engage partners to enable these devices with secure payments through the Mastercard Digital Enablement Service. Of the vendors in this directory, Fit Pay has indicated it expects to payments-enable more than 9 million wearables in 2018 based on its relationships with device manufacturers.
Mastercard anticipates Engage will continue to expand in 2018 with the addition of more vendors and new directories to support a variety of payments innovations.
About Mastercard Incorporated
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.