If You're a PSP and You're Not with Mastercard, Something's Wrong

Monday, 18/09/2023 | 11:01 GMT by Louis Parks
  • In a new partnership Paysend will work with the card giant on SME cross-border payments.
  • The company is partnering with everyone and everything in bid for world domination.
Mastercard

Mastercard is on the hunt for partners. The credit giant has just announced that they’re joining forces with Paysend to “redefine” cross-border payments . The move is designed to offer SMEs faster, more transparent transactions along with a simplified payment landscape.

The importance of SMEs

As we are repeatedly told, SMEs are often the lifeblood of local and national economies. Begs the question as to why they’re often on the receiving end of all sorts of government initiatives. According to Eurostat, they make up over 98% of European imports and exports. So, when SMEs say they need more efficient ways to send money abroad and pay vendors worldwide, it's time to listen.

The extended partnership between Mastercard and Paysend seeks to “revolutionize” cross-border payments . The Open Payment Network, already in action, streamlines payment flows from start to finish, almost in real-time.

More partners?

Not content with saving the day for SMEs, Mastercard has also partnered with GEP, a procurement and supply chain AI-driven software provider, to embed its virtual card technology for improved B2B payments.

The solution will work for both SMEs and larger firms and help them to manage their tech platforms and to overcome the headache of managing thousands of payments. All this should end up helping businesses with cash flow, increasing their working capital, aiding in compliance and improving visibility.

This is all fantastic, when you factor in their getting into bed with Xbox, that’s three new partnerships for Mastercard in a matter of days.

A closed shop?

However, Mastercard better keep its partners happy, as Visa is also partnering with Paysend to do much the same. Nothing’s new, everything’s a re-hash of something else and in this game, everybody knows everyone.

It just goes to show that no matter how many partners you have, there's always someone else muscling in on the action. Even in an industry as large as global finance, it's hard to be monogamous.

But then again, the global credit any payment industry can often seem like something of a closed shop

Mastercard is on the hunt for partners. The credit giant has just announced that they’re joining forces with Paysend to “redefine” cross-border payments . The move is designed to offer SMEs faster, more transparent transactions along with a simplified payment landscape.

The importance of SMEs

As we are repeatedly told, SMEs are often the lifeblood of local and national economies. Begs the question as to why they’re often on the receiving end of all sorts of government initiatives. According to Eurostat, they make up over 98% of European imports and exports. So, when SMEs say they need more efficient ways to send money abroad and pay vendors worldwide, it's time to listen.

The extended partnership between Mastercard and Paysend seeks to “revolutionize” cross-border payments . The Open Payment Network, already in action, streamlines payment flows from start to finish, almost in real-time.

More partners?

Not content with saving the day for SMEs, Mastercard has also partnered with GEP, a procurement and supply chain AI-driven software provider, to embed its virtual card technology for improved B2B payments.

The solution will work for both SMEs and larger firms and help them to manage their tech platforms and to overcome the headache of managing thousands of payments. All this should end up helping businesses with cash flow, increasing their working capital, aiding in compliance and improving visibility.

This is all fantastic, when you factor in their getting into bed with Xbox, that’s three new partnerships for Mastercard in a matter of days.

A closed shop?

However, Mastercard better keep its partners happy, as Visa is also partnering with Paysend to do much the same. Nothing’s new, everything’s a re-hash of something else and in this game, everybody knows everyone.

It just goes to show that no matter how many partners you have, there's always someone else muscling in on the action. Even in an industry as large as global finance, it's hard to be monogamous.

But then again, the global credit any payment industry can often seem like something of a closed shop

About the Author: Louis Parks
Louis Parks
  • 282 Articles
  • 5 Followers
About the Author: Louis Parks
Louis Parks has lived and worked in and around the Middle East for much of his professional career. He writes about the meeting of the tech and finance worlds.
  • 282 Articles
  • 5 Followers

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