It’s time to dust off those old leotards and break out the hairspray because Mastercard’s Engage platform is enough to make any merchant want to dance, Olivia Newton-John style. Mastercard is expanding this platform, offering its customers access to a continuously growing network of fintech partners and qualified technology that can efficiently adopt Mastercard Digital First solutions. Through these solutions, merchants will be able to provide their customers with a completely digital payments experience while still offering a physical card option.
“Mastercard is leveraging the integration that it already has with banks through its payment service to offer a range of digital enablement services,” said Tim Sloane, VP of Payments Innovation at Mercator Advisory Group. “These range from a broader range of payment solutions, [from] push payments and virtual cards to solutions for digital onboarding. While the latter requires deeper integration into processes not typically associated with Mastercard, such as bank account opening or new mortgage loans, the fact remains that Mastercard now offers fully vetted solutions that are already connected to every major payment and core processor, which makes the selection process for banks that are starting their digital journey much easier.”
The expansion of Mastercard Engage could not have come at a better time. Consumers are growing increasingly demanding when it comes to contactless, digital experiences, and some financial institutions and digital players are struggling to keep up. Many small and medium businesses (SMBs) in particular do not have the in-house capabilities to meet these consumer expectations. With this growing network of qualified enablers, merchants will now have the ability to quickly launch digital products, start to finish. Some of its partners include, but are not limited to:
A recent report by Mercator Advisory Group revealed that 42% of U.S. consumers fail to complete a purchase if their favorite payment method is not available. Over half of U.S. respondents agree they would stop a purchase if the checkout process is too complicated, and 43% of U.S. consumers avoid using merchants that require repeat entry of payment credentials. “With over 450 significant local payment methods in use across the globe, it can be a challenge for retailers to understand which ones to offer their customers,” said James Booth, VP Head of Partnerships, EMEA at PPRO. “However, this research shows how crucial it is to offer the payment methods the customer prefers.”
The future of payments is here, and Mastercard recognizes that through their ongoing work with technology and fintech partners. The growth of the Mastercard Engage platform is an example of the company’s commitment to the merchants who trust their brand to build a digital first journey for consumers.
The program is currently open to assist with launching Digital First, as well as to provide on-the-ground support, training through the Mastercard Academy, and promotion to Mastercard’s large customer base. For more information, go to the Mastercard Engage website and let’s hear those seamless transactions talk!