TransferWise and Mastercard Further Enhance Their Global Partnershipby Fintech News Singapore August 21, 2020
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. TransferWise has been working with Mastercard 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’s customers are increasingly using the borderless account as an international banking alternative, with new features including direct debits and instant international payments to friends.
Both 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 utilising Mastercard Send™, TransferWise has launched the capability for its 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.
Venkatesh Saha, Head of APAC & Middle East Expansion, TransferWise said,
“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.”
“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.”
said Rama Sridhar, Executive Vice President, Business Development, Digital and Emerging Partnerships, New Payment Flows, Asia Pacific, Mastercard.
Last year the company 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.