Mastercard and TransferWise have expanded their partnership to issue cards in any market where Mastercard is accepted and TransferWise is licenced.
The two companies first collaborated in 2018, when TransferWise launched its first debit card in Europe. Since then, the tech company has issued over one million Mastercard’s globally.
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TransferWise currently partners with Mastercard across the EEA, US, Singapore, Australia and New Zealand, with Japan due to launch later this year. The aim is to allow a route to market in nearly all countries around the world.
Kristo Käärmann, TransferWise CEO and co-founder, said: “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.”
Efficient money transfer
Through the extended partnership, TransferWise will leverage Mastercard Send to allow account holders to send money in near-real time to Mastercard cards in Europe. The countries include Spain, Romania, Bulgaria, Czech Republic, Hungary, Poland, Ukraine, Georgia, Croatia and Russia.
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By GlobalDataAndrea Scerch, President of Processing Services at Mastercard, said: “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.”
The announcement comes as Mastercard has been expanding its footprint when it comes to working with fintechs. Last year, the company launched Mastercard Accelerate, an initiative that aims to give fintechs access to the tools they need to grow quickly.
