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Mastercard Engage Expands to Help Businesses Create New Ways to Pay

February 28, 2018 Financial No Comments Email Email

People today are more connected, more technologically savvy and more mobile. As a result, issuers, merchants and device manufacturers seek to provide them more innovative ways to pay and be paid across all channels and devices.

Bringing these solutions to life depends on an ability to find the right service provider who can work behind the scenes to integrate the technology. Mastercard today unveiled the latest expansion of the Mastercard Engage platform to connect more customers with service providers who are working to bring these products to market more easily.

Since its launch in February 2017, the platform has tripled the number of participating vendors. These vendors have indicated their capabilities include deploying digital wallets, enabling tokenization, facilitating instant payouts and launching mobile point of sale solutions, among others.

Engage now has more than 150 participants across four digital business verticals, many of whom are actively serving the company’s customers at the global and regional levels. Customers who decide to work with these vendors will likely eliminate the need to experiment with unfamiliar technologies on their own, reduce the risk of troubleshooting during projects and increase their speed to market.

“Today’s digital world unlocks new opportunities for businesses, but they need the right resources to turn their ideas into reality,” says Kiki Del Valle, SVP of Commerce for Every Device. “By expanding Engage to connect more customers with the right partners, they are able to independently assess those partners and focus on the bigger picture of making a positive impact around the world.”

The expanded Mastercard Engage platform is now enabling a full payments ecosystem for issuers, merchants and IoT device manufacturers.

Issuers

Issuers benefit from Mastercard Engage by identifying 22 vendors including Giesecke & Devrient who can more easily tokenize and digitize card portfolios and deploy their own Masterpass-enabled digital wallets. In addition, Inside Secure has expanded its participation this directory to now integrate Masterpass QR APIs into digital wallets so they can also accept QR payments.

Merchants

Mastercard Engage will now have a directory that provides merchants with access to 100 vendors who are self-certified for mobile point of sale solutions. The company also has plans to add vendors to a directory that will help merchants integrate Mastercard Send and MoneySend for instant payments.

IoT Device Manufacturers

Manufacturers of IoT devices can work with Mastercard Engage partners to enable these devices with secure payments through the Mastercard Digital Enablement Service. Of the vendors in this directory, Fit Pay has indicated it expects to payments-enable more than 9 million wearables in 2018 based on its relationships with device manufacturers.

Mastercard anticipates Engage will continue to expand in 2018 with the addition of more vendors and new directories to support a variety of payments innovations.

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