Samish Kumar, CEO, Transfast

Mastercard has announced the completion of global payments supplier Transfast. The supplier states that the acquisition aims to strengthen Mastercard’s payment capabilities and drive transparency and certainty in cross border payments.

“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,” commented Stephen Grainger, Executive Vice President, Mastercard.

Transfast is expected to 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.

Samish Kumar, CEO, Transfast 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.”

by Megha Bhattacharya
Market Analyst at IBS Intelligence