Mastercard Inc (NYSE:MA) Broadening Its Partnership With TransferWise

Mastercard Inc (NYSE:MA) has announced that it is expanding its partnership with TransferWise to facilitate issuance of cards in any places where TransferWise is licensed and accepts Mastercard. The relationship between the two companies has come a long way. Mastercard has worked with the global technology company since it issued its first debit card in Europe in 2018. Transferwise has issued more than 1 million Mastercards around the world.

The two companies are partnering in various regions like New Zealand, Australia, Singapore, US, and the EEA. Japan is expected to join the list later this year. The expansion of the partnership will see the companies market their services in almost all countries.

Building multi-currency borderless account

Transferwise has a vision to build a multi-currency borderless financial system to replace the current expensive and old international banking systems. The company is mainly targeting travellers, businesses, freelancers, and expats.  The company says there has been a significant increase in the number of customers opting for its international banking alternative. Some of the services offered under the international banking alternative include direct debits and instant international payments.

Both Mastercard and Transwire have worked together to help Google Play and Apple, Fitbit, and Garmin Pay in the EEA.

“As we think about the next phase in our international expansion, we want to ensure this process stays just as convenient whether you need a debit card in the UK or Japan,” Kristo Käärmann, CEO and co-founder of TransferWise, said in a statement.

In addition to card issuance, TransferWise will leverage Mastercard Send™ to launch capabilities or TransferWise account holders to send money in near real-time to Mastercard holders in European countries like Russia, Croatia, Georgia, Ukraine, Poland, Hungary, Czech Republic, Bulgaria, Romania, and Spain. The two compnies will work together to improve customer experience by enabling users to make international money transfer more easily and fast.

In a statement, Kristo Käärmann, CEO and co-founder of TransferWise said their next phase of partnership will explore ways of ensuring that the process remains convenient and fast. On the other hand, Andrea Scerch, President of Processing Services, Mastercard said the two companies have enjoyed a solid relationship for the last three years.