Mastercard extends payment network with acquisition of Transfast
Mastercard has announced the completion of the acquisition of Transfast, a global payments company with significant cross-border network reach. Mastercard originally declared the intent to buy Transfast on March 8, 2019.
The acquisition will enable partner banks to service consumers, businesses, governments and merchants effectively and efficiently, allowing them to send and receive money cross-border.
The acquisition builds on Mastercard’s strength in payments and drives improved transparency and certainty in cross-border transactions, enabling people and businesses to send and receive money beyond borders with greater speed and ease.
Transfast will enable Mastercard to continue servicing the growing needs of consumers and businesses as well as governments and merchants in cross-border transactions. It builds on Mastercard’s strategy to offer choice to its customers through the expansion of the Mastercard global network. This move adds to Mastercard’s leading position in meeting business, government and consumer payment requirements, whether it’s business to business, person to person or other payment flows.
Stephen Grainger, Executive Vice President, Mastercard comments: “Today’s announcement is an exciting milestone for Mastercard in helping to further build democratised access to predictable and faster payments globally. People and businesses expect certain and predictable real-time payments that keep pace with modern life and everyday demands, and now, with reach into 90% of global GDP flows, Mastercard is in a prime position to support their cross-border requirements.” "The deal will further drive financial inclusion, offering broad access to payments globally."
Increasingly, people and businesses across the globe want timely, reliable and cost-effective ways to pay and get paid. The acquisition allows Mastercard to service businesses and organizations across a wider variety of sectors with different needs. This includes businesses paying suppliers and employees across borders.
Source: The Fintech Times