Mastercard further extends payment network with acquisition of Transfast

Friday, 12 July 2019 00:00 - - {{hitsCtrl.values.hits}}

Acquisition will enable partner banks to service consumers, businesses, governments and merchants effectively and efficiently, allowing them to send and receive money cross-border
Deal strengthens Mastercard’s wide range of payment solutions and its global network, with Transfast reaching 90% of the population and over 90% of the world’s bank accounts
Deal will further drive financial inclusion, offering broad access to payments globally

PURCHASE, N.Y.: Mastercard yesterday announced the completion of the acquisition of Transfast, a global payments company with significant cross-border network reach. Mastercard originally declared the intent to buy Transfast on 8 March.

The acquisition builds on Mastercard’s strength in payments and drives improved transparency and certainty in cross-border transactions, enabling people and businesses to send and receive money beyond borders with greater speed and ease.

Transfast will enable Mastercard to continue servicing the growing needs of consumers and businesses as well as governments and merchants in cross-border transactions. It builds on Mastercard’s strategy to offer choice to its customers through the expansion of the Mastercard global network. This move adds to Mastercard’s leading position in meeting business, government and consumer payment requirements, whether it’s business to business, person to person or other payment flows.

Mastercard Executive Vice President Stephen Grainger commented: “Today’s announcement is an exciting milestone for Mastercard in helping to further build democratised access to predictable and faster payments globally. People and businesses expect certain and predictable real-time payments that keep pace with modern life and everyday demands, and now, with reach into 90% of global GDP flows, Mastercard is in a prime position to support their cross-border requirements.”

Increasingly, people and businesses across the globe want timely, reliable and cost-effective ways to pay and get paid. The acquisition allows Mastercard to service businesses and organisations across a wider variety of sectors with different needs. This includes businesses paying suppliers and employees across borders.

Transfast CEO Samish Kumar commented: “This is a pivotal day for Transfast as we embark on the natural next step in our journey. Mastercard’s global reach complements our own network across over 100 countries, and together we will grow within the account-to-account payments space, helping organisations improve operational efficiencies and supporting wider economic growth. Alongside Mastercard, we look forward to developing new innovations and products to support people and businesses to predict and plan when they pay people and get paid, enabling them to thrive.”