The partnership is expected to push forward the aim of Mastercard in de-risking and commercialising emerging technologies and platforms designed for enabling digital commerce
Mastercard and Microsoft have joined forces for speeding up innovation in digital commerce and startup ecosystems with a goal to create pathways to financial security and for offering tools for sustainable growth.
The collaboration between the firms is said to help in accelerating Mastercard Labs’ cloud-native research and development operations, enabled by Microsoft Azure cloud computing service and artificial intelligence.
Besides, the partnership is expected to push forward Mastercard’s aim of de-risking and commercialising emerging technologies and platforms designed for enabling digital commerce.
The collaboration is also anticipated to help in the further empowerment of Mastercard’s partners in building and securely scaling new solutions by gaining access to technical expertise and the latest technologies.
Mastercard Labs executive vice president and head Ken Moore said: “This strategic collaboration will strengthen and extend our cloud services and capabilities for clients and fintech partners, sparking innovation and creativity for the ecosystem.
“It will enable us to explore opportunities focused on new client segments, technologies and trends as we continue to drive financial inclusion and build the future of commerce.”
The collaboration by capitalising on the global network of Mastercard and by making use of Azure’s global presence will enable the former’s ecosystem of partners to study the use of emerging innovations and new commerce capabilities like devices that facilitate digital payments in new ways.
Fintech partners are expected to be empowered in creating new user experiences to advance how businesses, governments, and consumers exchange value by accessing Azure technologies, Internet of Things, and augmented and virtual reality.
According to the partners, Azure cloud environment will play the role of native infrastructure for the inclusion efforts of Mastercard besides supporting the company’s platform that brings together complex ecosystems for offering access to essential services for underserved communities.
Microsoft worldwide commercial business executive vice president Judson Althoff said: “Mastercard’s commitment to innovation and financial inclusion has accelerated digital commerce for individuals and businesses around the world.
“We look forward to building on our strong relationship and accelerating co-innovation to help connect and power a digital economy for everyone, everywhere.”
In another development, Mastercard has partnered with Bank of Shanghai to enable businesses located in any part of the world to send payments to China in a more efficient, seamless, and secure manner.
Mastercard to facilitate improved cross-border business payments into China
Through the Mastercard Cross-Border Services, business customers can transfer money to any local Chinese bank, thereby cutting down the cost of transactions, while accessing real-time exchange rates for the Chinese Yuan. At the same time, the cross-border solution is said to reduce the necessity for additional documents and processes.