Mastercard deepens Payment Services, Acquires Transfast

Global financial services company, Mastercard has announced the acquisition of Transfast—a global payment cross-border network company. They will leverage this acquisition to deepen their services globally.

Mastercard first revealed its plans to acquire Transfast in March 2019. With the deal now successfully done, the company will enable people and businesses to run seamless cross-border transactions with greater speed.

The acquisition will enable them to meet the needs of its customers, businesses, governments, and merchants who are in need of cross-border transactions and driving financial inclusion. It will boost Mastercard’s strategy to offer more payment services to its clients via the Mastercard global networks on a B2B and P2P level.

Stephen Grainger, Executive Vice President, Mastercard has said that Mastercard is looking to build access to predictable and faster payments across the world. This is because ‘People and businesses expect certain and predictable real-time payments that keep pace with modern life and everyday demands. He further stressed that with their reach into 90% of the world’s GDP flows, they are strategically placed to aid their cross-border requirements.

Mastercard will through this deal aid financial institutions, digital platforms and other partners with the opportunity to provide their clients access to send and receive money across over 100 markets. They will also aid businesses to grow their compliance, reduce remittance costs, increase transaction speed and offer certainty and transparency to their clients.