TransferWise and Mastercard expand their global partnershipAugust 21, 2020 | SINGAPORE | By Barkha Patel
Mastercard and TransferWise have announced an expanded partnership to enable the issuance of cards in any market around the world where Mastercard is accepted and TransferWise is licensed for its multi-currency borderless account.
Mastercard has built a strong partnership with TransferWise, working with the global technology company since the issuance of its first debit card in Europe in 2018. Since then, TransferWise has issued more than 1 million Mastercard cards globally.
In Asia Pacific, TransferWise now partners with Mastercard in Singapore, Australia and New Zealand, with Japan due to launch later this year. The expansion of the relationship will allow a route to market in nearly all countries around the region.
TransferWise has a vision for its multi-currency borderless account to replace expensive, old world international banking for its audience of expats, freelancers, businesses and travelers. Its customers are increasingly using the borderless account as an international banking alternative, with new features including direct debits and instant international payments to friends.
The Mastercard and TransferWise teams have also worked collaboratively to enable Apple and Google Pay, Fitbit and Garmin Pay for all TransferWise cards.
In addition to card issuance, by leveraging Mastercard Send™ TransferWise has launched the capability for TransferWise account holders to be able to send money in near-real time* to any Mastercard card in European countries including Spain, Romania, Bulgaria, Czech Republic, Hungary, Poland, Ukraine, Georgia, Croatia and Russia.
“We’re focused on our mission to make moving money around the world faster, cheaper and easier for everyone, everywhere, including right here in Asia Pacific,” said Venkatesh Saha, Head of APAC & Middle East Expansion, TransferWise. “To date over 1 million debit cards have been issued to people wanting to make the most of what our borderless accounts have to offer. We’re excited to continue and build upon our partnership with Mastercard and look forward to bringing this service to Japan later this year.”
“In a region with rapidly growing cross border e-commerce, Mastercard is proud to collaborate with TransferWise to provide a multi-currency debit card solution for consumers and small businesses in Asia Pacific to make easy, cost-effective and transparent foreign currency purchases,” said Rama Sridhar, Executive Vice President, Business Development, Digital and Emerging Partnerships, New Payment Flows, Asia Pacific, Mastercard.
“Through Mastercard’s Fintech Express, TransferWise has been able to rapidly leverage Mastercard’s capabilities, expertise and network to strengthen and expand its card capabilities across the world. This is a model example of how partnerships across the payments ecosystem unlock new financial possibilities for people and businesses.”
Mastercard is the partner of choice for the top fintech brands worldwide and is testament to their strategy of working with fintech partners from their inception. Last year it launched Mastercard Accelerate, a global initiative that simplifies the way that Mastercard works with fintechs, giving them access to everything they need to grow quickly. Offering a simple, single entry-point to the company’s wide portfolio of specialized programs, Mastercard Accelerate gives start-ups and emerging brands support and assistance for every stage of their growth and transformation, from market entry to global expansion.
*Actual posting times for approved transactions will depend on the receiving financial institution
TransferWise is a global technology company that’s building the best way to move money around the world. Whether you’re sending money to another country, spending money abroad, or making and receiving international business payments, TransferWise is on a mission to make your life easier and save you money.
Co-founded by Taavet Hinrikus and Kristo Käärmann, TransferWise launched in 2011. It is one of the world’s fastest growing tech firms having raised over $1 billion in primary and secondary transactions from investors such as D1 Capital Partners, Lead Edge, Lone Pine, Vitruvian, IVP, Merian Chrysalis Investment Company Ltd, Andreessen Horowitz, Sir Richard Branson, Valar Ventures and Max Levchin from PayPal.
Over eight million people use TransferWise, which processes over £4 billion in cross-border payments every month, saving customers over £1 billion a year.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.