TransferWise and Mastercard expand their global partnership

By Edil Corneille

Mastercard (MA) and TransferWise, announced today an expanded partnership to enable the issuance of cards in any market around the world where Mastercard is accepted and TransferWise is licensed. Mastercard has built a strong partnership with TransferWise, working with the global technology company since the issuance of its first debit card in Europe in 2018. Since then TransferWise has issued over 1 million Mastercard’s globally.

“We’re making it faster, cheaper and easier to move money around the world. To date over one million debit cards have been issued to people wanting to make the most of everything our borderless account has to offer. As we think about the next phase in our international expansion, we want to ensure this process stays just as convenient whether you need a debit card in the UK or Japan. Building upon our partnership with Mastercard is important in maintaining that high level of convenience around the world,” Kristo Käärmann, CEO and co-founder of TransferWise apprised.

TransferWise currently partners with Mastercard across the EEA, US, Singapore, Australia, and New Zealand, with Japan due to launch later this year. This expansion of the relationship will allow a route to market in nearly all countries around the world.

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TransferWise has a vision for its multi-currency borderless account to replace expensive, old world international banking for its audience of expats, freelancers, businesses, and travellers. Its customers are increasingly using the borderless account as an international banking alternative, with new features including direct debits and instant international payments to friends. The Mastercard and TransferWise teams worked collaboratively to enable Apple and Google Pay, Fitbit and Garmin Pay across the EEA for all TransferWise cards.

In addition to card issuance, leveraging Mastercard Send, TransferWise has launched the capability for its account holders to be able to send money in near-real time to Mastercard cards in European countries including Spain, Romania, Bulgaria, Czech Republic, Hungary, Poland, Ukraine, Georgia, Croatia, and Russia. Together, we are enhancing customer experience by enabling people to make international money transfers with greater speed and ease.

Andrea Scerch, President of Processing Services, Mastercard enthused, “We are proud to be expanding our relationship with TransferWise, having enjoyed a solid partnership over the past three years. Broadening TransferWise’s global reach will enable millions more people around the world to benefit from Mastercard’s worldwide acceptance footprint and TransferWise’s innovative multi-currency payment solutions.”

Last year, Mastercard Accelerate, a global initiative that simplifies the way that the payments company works with FinTechs, giving them access to everything they need to grow quickly, was launched. Offering a simple, single entry-point to the company’s wide portfolio of specialised programs, Mastercard Accelerate provides start-ups and emerging brands with support and assistance for every stage of their growth and transformation, from market entry to global expansion.