TransferWise Deepens Mastercard Tie for Global Expansion

Mastercard and TransferWise have extended their global partnership enabling the issuance of cards in any market where the credit card giant is operational and the international Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term firm is licensed, the companies announced today.

TransferWise first issued a Mastercard-enabled card in 2018 for its European customers and is also offering the same services in the United States, Singapore, Australia, and New Zealand. The company is also expected to launch services in Japan later this year, and with this current partnership expansion, it has paved its way to enter almost all countries.

The London-headquartered company also partnered with Alipay, earlier this year, adding instant Chinese yuan transfers from 17 currencies.

“As we think about the next phase in our international expansion, we want to ensure this process stays just as convenient whether you need a debit card in the UK or Japan,” Kristo Käärmann, CEO and co-founder of TransferWise, said in a statement. “Building upon our partnership with Mastercard is important in maintaining that high level of convenience around the world.”

Capturing the Remittance and International Payments Market

TransferWise is known for offering international money transfers at mid-market rates and minimum transactional fees. It also offers an international payments card targeted to expats, freelancers, businesses, and travelers, and has issued over a million cards to date.

The international payments company, along with MasterCard, also enabled the TransferWise card payments across platforms like Apple Pay, Google Pay, Fitbit, and Garmin Pay.

“We are proud to be expanding our relationship with TransferWise, having enjoyed a solid partnership over the past three years,” Andrea Scerch, president of processing services at Mastercard, said.

“Broadening TransferWise’s global reach will enable millions more people around the world to benefit from Mastercard’s worldwide acceptance footprint and TransferWise’s innovative multi-currency payment solutions.”