Mastercard is the latest payments processor to expand its digital suite amid heightened interest in digital payments solutions. Instead of merely bolstering its digital platform, however, Mastercard is clearly eyeing entrepreneurial ventures by bringing Fintech Express to all of Europe. The program’s primary goal is to greatly reduce the time needed for startups to introduce payments processing to their business, allowing them to bypass the standard launch process that could otherwise take months in favor of a solution that can be implemented in less than a week.
Helping European businesses accelerate
Fintech Express is just one part of Mastercard Accelerate, an overarching program that represents a major move into the growing fintech industry by the company. Launched in October last year, the Accelerate program seeks to extend Mastercard’s services to various businesses in order to introduce as many customers as possible to the company’s ecosystem.
The customer base will certainly grow exponentially as the program branches out and becomes available to European businesses. In a statement, president at Mastercard Europe Mark Barnett acknowledged that the move will strengthen the company’s foothold in Europe even further, highlighting the company’s focus on online payments and similar fintech-related issues.
Barnett is also hopeful that the Fintech Express will give European fintech businesses the same kind of push it has given American ones so far. Mastercard has already managed to partner with Railsbank for this endeavor, and the latter will be extending its proprietary banking platform to everyone who signs up with the program.