Mastercard opens the door for fintech companies to build, launch and growNovember 8, 2021 | Singapore
Mastercard has been actively expanding its platform capabilities through the Mastercard Developers portfolio, adding a multitude of differentiated services to power new ways to pay, enhance the customer experience and infuse trust across the payments ecosystem. Taking both an organic and inorganic approach to growth, the company's acquisitions such as Aiia, CypherTrace, Ekata, Ethoca, Finicity and NuData combined with aggressive expansion of home-grown services on Mastercard’s platform present a rich suite of capabilities for partners to innovate. It’s now easier than ever to build with Mastercard.
“We’re making it super easy for fintech innovators to unleash the vast utility and scale of the Mastercard network to power new solutions,” said Oran Cummins, executive vice president, Developer First Product and Engineering. “We have a lot to offer, from cryptocurrency and open banking to data intelligence and identity solutions, and we’re continuously opening up more services and offering new state-of-the art tools. Today, builders and dreamers of any size from anywhere in the world can engage with us, rapidly integrate and take new solutions to market at a fast pace.”
“Here in the Asia Pacific region, the fintech sector is constantly evolving, and so are we. Having supported a diverse network of more than 55 APAC-based startups through the Start Path program alone, Mastercard is now dedicating a new Start Path track specifically to players in the open finance space. We look forward to expanding our network to include more of these fintech builders and sharing our technology, data assets, tools and expertise to co-create and accelerate the launch of new solutions that address the rapidly evolving needs of consumers and businesses,” said Sandeep Malhotra, executive vice president, Products & Innovation, Asia Pacific, Mastercard.
The new digital age spawns a new set of players who are keen to co-create and innovate on our network. Therefore, providing a single point of entry to technology, products and partnerships as well as flexibility is the company's priority. Mastercard is publishing two new API services every month and our tools, access and expertise across the Mastercard Developers portfolio provides an express lane for fintech companies of all sizes to test and bring innovative solutions to market. Key components include:
- API Platform: Developers can access a vast array of Mastercard’s rich APIs, with tools such as detailed product and technical documentation, tutorials, reference implementations, sandboxes, client libraries, and success stories to enable rapid integration and inspire innovation.
- Fintech Community: Any fintech builder can sign up to be part of Mastercard’s new global fintech community of like-minded companies that use the platform to get inspired, stay informed and connect to peers, helping them evolve their business rapidly.
- Startup Programs: Select, high-potential fintech startups have the opportunity to co-create and innovate, gain customized expertise from Mastercard, and access a diverse customer base through the network’s global scale.
- Solutions: Explore a curated, customized portfolio of Mastercard products that enable fintech companies to operate as a trusted player in the market, spanning licensing of Mastercard’s brand as well as payments, data, security, analytics and fraud management, and consulting services.
- Partner Network: Qualified fintech enablers receive access to the Mastercard network to pre-integrate or bundle products and services so they are better equipped to meet customers’ needs and/or identify the right third-party partner to enable their own growth.
Doubling Down on Digital and Accelerating Financial Inclusion
Through fintech partnerships in 172 countries, Mastercard is powering innovation and delivering seamless experiences that accelerate our multi-rail strategy and enable a more financially inclusive future for all. Customers around the world, including Zeta, TomoCredit and Superdigital of PagoNxt company from Santander Group are already engaged in the Mastercard Developers portfolio.
Banking tech startup Zeta is contributing to the rapid digital transformation that makes consumers’ lives more convenient, simple and rewarding. Zeta helps banks and fintech companies to launch rich, modern credit card experiences for their customers on a cloud-native solution with 100% API coverage. Mastercard and Zeta’s long-standing partnership began in 2018 when the company joined the Mastercard Start Path program and continues to gain momentum. Looking ahead, Zeta will also participate in Mastercard’s digital enablement programs such as Digital First and Fintech Express.
In the U.S., Mastercard partnered with TomoCredit to help people form healthy financial habits through a next-generation credit product.
“We wanted to build an offering that would help the millions of Americans who can’t access affordable credit, and we knew Mastercard had the right technology and infrastructure to help us turn this bold idea into a reality,” said Kristy Kim, CEO of TomoCredit. “We worked closely with Mastercard and Finicity to bring our proprietary underwriting system together with Mastercard’s open banking solution to offer inclusive credit products for the next generation of customers.”
Consumers today expect seamless digital payment experiences. That is why fintech companies in Latin America and the Caribbean now have a combined portfolio of more than 100 million Mastercard digital cards. The company’s continued commitment to enabling customers such as Superdigital, a global and digital platform for economic inclusion, to build out their digital-first consumer journey is demonstrated by 143% growth in Mastercard’s fintech portfolio in the region over the last three years.
“Today, there are still an impressive 300 million unbanked and underbanked people in Latin America. Therefore, it’s essential to look ahead to reach economic inclusion and change lives,” said Leopoldo Martinez, Global CEO of Superdigital. “It’s in this way that Superdigital joined with Mastercard, to help us provide a seamless digital-first payment experience in addition to financial literacy tools to accelerate our expansion into other markets. We are looking forward to the next phase of our partnership.”
Through the ever-growing Mastercard Developers portfolio, Mastercard is continuing to partner, collaborate and invest in what’s next – the marketplace, creator and crypto economies, to name a few – and provide the tools to take these innovative solutions to billions of consumers.
To learn more about Mastercard Developers, visit developers.mastercard.com.