Mastercard acquires Transfast to extend payment network
Mastercard has acquired Transfast, a global payments company with significant cross-border network reach. Mastercard originally declared the intent to buy Transfast on 8 March 2019.
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.
“Today’s announcement is an exciting milestone for Mastercard in helping to further build democratised access to predictable and faster payments globally,” says Stephen Grainger, executive vice president, Mastercard.
“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.”
“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,” says Samish Kumar, CEO, Transfast.
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 through Transfasts’ network.