Mastercard advances cross-border capabilities with acquisition of Transfast
Mastercard is expanding its range of worldwide payment options with an agreement to acquire Transfast, a global cross-border account-to-account money transfer network. Transfast brings enhanced compliance capabilities and more robust foreign exchange tools. Mastercard is focused on all methods of payment transactions whether it is B2B, P2P or other flows. The combination of Transfast and Mastercard will create solutions for businesses that experience higher costs, compliance requirements, and limited predictability for cross-border payments. Mastercard seeks to support financial institutions, digital platforms and other partners as they provide people and businesses the ability to send and receive money how and when they want to virtually any end point across more than 100 markets.
Mastercard’s agreement with Transfast comes after they allowed their offer for Earthport to lapse. Earthport is another company focused on cross-border payments that provided a global payment network. Mastercard’s focus on cross-border transactions is in-line with increasing travel especially among millennials in every country. Additionally, P2P payments is an expanding area of growth with Venmo, Zelle, PayPal, Square Cash and more recently Apple Pay Cash, all vying for a piece of the P2P payments market.