Introduction
Mastercard is at the forefront of transforming the fintech domain through its innovative solutions that enhance efficiency, security, and customer experience across various sectors. The company has made significant strides in B2B healthcare payments, launching partnerships that streamline cashless claim settlements, particularly in India. With the introduction of a next-gen AI digital assistant, Mastercard aims to improve customer engagement while leveraging proprietary data to combat fraud and enhance financial inclusion.
The expansion of the Product Express platform empowers fintechs to launch new payment solutions quickly, while collaborations with Citi and Worldpay redefine cross-border payment processes and combat payment fraud globally. Mastercard’s commitment to online security is evident in its ambitious goal of achieving 100% e-commerce tokenization in Europe by 2030. Additionally, the integration with Salesforce addresses transaction disputes, providing a smoother experience for both consumers and merchants. As Mastercard continues to innovate—like the rollout of its Crypto Credential and Open Banking initiatives—it solidifies its position as a leader in shaping the future of digital payments.
- Mastercard is unlocking efficiencies in B2B healthcare payments through innovative partnership
- Mastercard launches new gen AI digital assistant capabilities to enhance customer value
- Mastercard expands Product Express platform to help fintechs accelerate the launch of new card programs and other payment solutions
- Citi and Mastercard join forces to transform global cross-border payments
- Mastercard expands first-of-its-kind AI technology to help banks protect more consumers from scams in real time
- Mastercard reimagines online checkout; commits to reaching 100% e-commerce tokenization by 2030 in Europe
- Mastercard and Salesforce announce new integration to transform transaction disputes
- Mastercard Crypto Credential goes live with first peer-to-peer pilot transactions, adds new partners to the ecosystem
- Mastercard and Worldpay join forces to fight payment fraud globally
- Mastercard Open Banking enhances the debit and prepaid digital account opening experience
Top 10 News of Mastercard for 2024
Mastercard is unlocking efficiencies in B2B healthcare payments through innovative partnership
”The healthcare industry is at an inflection point, with evolving digital-first expectations challenging industry norms,” said Raja Rajamannar, chief marketing and communications officer and president, healthcare, Mastercard. “Around the world, we’ve been working closely with healthcare organizations to better serve their partners and patients with a range of products and services well-tuned to drive simplicity, convenience and efficiency in payments and beyond.”
The healthcare sector in India is rapidly growing, yet considerable challenges still exist including fragmentation and lack of digitization, making the country’s healthcare system ripe for innovation. The solution is available to all insurance-network hospitals in India on the Remedinet platform, and aims to bring relief to healthcare providers and insurance companies strained by the current cashless claim settlement process.
Mastercard launches new gen AI digital assistant capabilities to enhance customer value
Mastercard’s new in-house capability was built in collaboration with Databricks on its Data Intelligence Platform. With core functionalities like a chat-based assistant user interface, source management and learning with human feedback, the program ensures that new knowledge agents are continuously trained on Mastercard’s trusted, proprietary data sets while always operating under the company’s rigorous AI and data governance principles and standards. The effort also removes the friction associated with vetting and procuring third-party solutions, further streamlining operations.
Today, Mastercard is using machine learning models to analyze more than 143 billion transactions a year to identify potential security and cyber threats, helping protect people and businesses. The company also uses AI to provide members of the ecosystem with critical insights and intelligence, and to improve access to credit and financial management, promoting financial inclusion for those with thin or no credit files and to detect potentially compromised cards.
Mastercard expands Product Express platform to help fintechs accelerate the launch of new card programs and other payment solutions
Ricardo Dantas, CEO of Foxbit in Brazil said: “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.”
The platform also empowers partners to deliver exceptional experiences, helping their fintech clients excel in a competitive market. Within the first year of launch, Mastercard has brought onto the platform BIN Sponsors, Processors and Program Managers like Blusalt, Episode Six, FOO, Giftstarr, i2c Inc., Nymcard, Optimus, Paymentology, Wema Bank.
Jacqueline White, president of i2c, said “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.”
Citi and Mastercard join forces to transform global cross-border payments
Mastercard is one of the largest payment networks, with over 3.4 billion debit, prepaid and credit cards issued globally as of Q2 2024. Mastercard’s worldwide presence will help extend Citi’s reach globally.
“Cross-border payments are a key area of growth for Mastercard, and we are constantly innovating to provide payment solutions that better cater to the needs of our global customers. By powering fast and secure cross-border transfers to Mastercard debit cards, our collaboration with Citi marks a significant milestone in bringing the ease and simplicity of domestic payments to the cross-border payment space.” – Alan Marquard, Head of Transfer Solutions at Mastercard.
This collaboration expands Citi’s payout offering, with payment destinations spanning across Europe, Asia, Africa, Latin America as well as U.S. domestic transfers. WorldLink Payments Services enable clients to make cross-border payments in over 135 currencies and in multiple payment methods, from traditional wires and ACH to cross-border instant payments, digital wallets, and now to Mastercard debit cards.
Mastercard expands first-of-its-kind AI technology to help banks protect more consumers from scams in real time
The PSR collects payments data from 14 of the largest banks in the UK mandated to report. Across 2023 the data showed a 12% reduction in the total value of APP scams from £389m ($514m) to £341m ($450m).
The new, additional AI enhancements to Consumer Fraud Risk provide the receiving banks the same score within seconds, making it possible for them to detect when a payment may be destined for an account used by fraudsters, known as a mule account.
“Fraudsters have long sought to deceive the consumer through scam websites and fictious deals. That’s why, at Mastercard, we are turbocharging our technology, providing banks additional lines of defence – helping them better identify and stop scams in their tracks,” said Johan Gerber, Executive Vice President, Security Solutions at Mastercard.
Mastercard reimagines online checkout; commits to reaching 100% e-commerce tokenization by 2030 in Europe
Mastercard today announced its vision for 100% e-commerce tokenization in Europe by the end of the decade. This supports a global commitment to phase out manual card entry and make e-commerce safer and more accessible for everyone.
“As physical and digital experiences continue to converge, we’re pushing the boundaries of what’s possible,” said Jorn Lambert, Chief Product Officer at Mastercard. “We’re focused on bringing best-in-class digital services together to deliver more value, access and safety to our customers and the end-consumer. We’ll continue to harness the potential of these technologies to deliver enhanced security, better experiences and overall, new ways to pay.”
“In Europe we have seen tokenization gaining momentum across the ecosystem, the convenience and reduced rates of fraud sell themselves,” added Valerie Nowak, Executive Vice President, Product & Innovation, Mastercard Europe. “We are confident that reaching this vision by 2030 is a win-win-win for shoppers, retailers and the card issuers alike.”
Mastercard and Salesforce announce new integration to transform transaction disputes
Johan Gerber, Executive Vice President, Security and Cyber Innovation at Mastercard said: “Technology is helping to speed up and improve the checkout experience, especially when shopping online. However, every disputed transaction can create stress for the consumer as well as resource pressures and increased costs for merchants and financial institutions. Through this partnership, we are adding to the tools that make it easier and faster for banks and merchants to resolve disputes, further enhancing trust in the ways they choose to pay.”
Disputes and chargebacks, where a consumer notices a transaction they don’t recognise and requests a chargeback from their bank, represent a significant challenge to the entire payments industry. Projections suggest that by 2026 there could be 337 million chargebacks annually, an increase of 42% from 2023 levels.
Mastercard Crypto Credential goes live with first peer-to-peer pilot transactions, adds new partners to the ecosystem
For the first time, crypto exchange users will be able to send and receive crypto using their Mastercard Crypto Credential aliases, instead of the typically long and complex blockchain addresses. The live transaction capabilities are enabled on the Bit2Me, Lirium and Mercado Bitcoin exchanges, allowing them to enable blockchain transactions simply and securely between Latin American and European corridors.
“Mastercard continues to invest in its technology, standards and partnerships to bring safe, simple and secure payments to the forefront,” said Walter Pimenta, executive vice president, Product and Engineering, Latin America and the Caribbean at Mastercard. “As interest in blockchain and digital assets continues to surge in Latin America and around the world, it is essential to keep delivering trusted and verifiable interactions across public blockchain networks. We’re thrilled to work with this dynamic set of partners to bring Mastercard Crypto Credential closer to realizing its full potential.”
Mastercard and Worldpay join forces to fight payment fraud globally
Ethoca Alerts, by Mastercard, works across all payment brands and delivers insights that merchants can use to stop the fulfilment of goods and services. Merchants do not need to change their existing infrastructure or processes to take advantage of Ethoca Alerts.
The collaboration will also help improve authorization rates for merchants, enabling more of the $2.3tn total transactions Worldpay processes to be completed successfully thanks to fewer erroneously declined transactions.
Johan Gerber, Executive Vice President, Cyber and Intelligence at Mastercard said: “With ecommerce thriving, we’re working to make transactions as safe and as seamless as possible for all parties. This partnership with Worldpay extends our powerful technology to even more merchants around the world, reducing fraud. By working together, we will advance our shared goal of building trust and powering the global digital economy.”
Mastercard Open Banking enhances the debit and prepaid digital account opening experience
Mastercard announced the Open Banking for Account Opening program, providing a foundational set of open banking products as a core benefit to Mastercard consumer and small business debit issuers as well as consumer prepaid issuers in the U.S. The program improves the digital account opening process by verifying account ownership, lowering account abandonment, reducing non-sufficient fund (NSF) returns, and minimizing manual entry of payment credentials.
A study from Insider Intelligence found that Gen Z mobile banking adoption continues to rise sharply at 12.4% year over year, from 20.7 million in 2020 to hit 47.8 million by 2026. To meet the demands of today’s increasingly digital world, Mastercard will provide participating U.S. issuers who opt into the program free access to Mastercard’s Account Owner Verification, Account Detail Verification and Account Balance Check solutions when used to support digital account opening of a Mastercard branded consumer and small business debit and general-purpose reloadable consumer prepaid product.
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