Building a Global Vendor Community to Speed Digital Payment Innovation
- 26.06.2017 11:45 am
I love my smartphone. The variety of tasks that I can complete today using it has taken away the need to use dedicated devices that are now gathering dust in my home. Instead, I stream music and videos, navigate road trips and take amazing, high quality pictures of my adventures (I can share some if you’d like) – all with my phone. But most of all, I love the flexibility to pay with that same device anywhere I’d like while still feeling secure that my credentials are being safeguarded by my bank.
At Mastercard, we’re committed to delivering choice, allowing consumers to pay with whatever form factor – plastic card, smartphone, wearables, cars, etc. – they deem most convenient, while maintaining the highest level of security. And as consumers increasingly lead connected lives, we’re providing the relevant tools to our issuing and internet of things (IOT) partners to deliver secured payments to consumers.
However, building a payment solution is not an easy task for financial institutions or fintechs. Identifying and partnering with theright vendor that can help bring a digital payment service to market is a critical component in achieving this vision.
The Mastercard Digital Vendor Program is a community of vendors that helps Mastercard customers digitize their card portfolios and deploy Masterpass-enabled digital wallets. The Program allows for open communication with key Mastercard representatives to aid in the integration of solutions, regular training and webinars and access to key documentation. The community directory also provides vendor contact info and state of implementation readiness of key digital capabilities for Mastercard issuers to expedite the vendor selection process.
To date, we have 59 vendors globally as part of this program with the objective of providing a superior consumer digital experience and the highest level in payment security. There are three Platinum program level vendors: Payair Technologies, Sparkling18 and uPaid; and, 12 digital vendors at the Gold program level – including recently announced Sequent. These companies are ready to work with issuers and IoT partners, while many more are working on their integration with Mastercard.
From North America and Europe, to Asia Pacific, the Middle East and Africa, and Latin America and the Caribbean, these Digital Vendors offer their solutions in multiple regions around the globe. Of the 59 participants, there is approximately 20 vendors able to offer both solutions and local support in each of these regions.
The Mastercard Digital Vendor Program will not only assist companies with the identification and selection of the right vendor, but will help the payments industry collectively achieve speed and greater reach for digital payments – providing stronger security across channels and devices for the benefit of the consumer.