- Solution brings working capital efficiencies to businesses in 10 Asia Pacific markets
- Mastercard TrackTM suite of products and services benefits businesses around the world
SINGAPORE – OCTOBER 15, 2020 – Today, Mastercard announced a new business-to-business payments solution in Asia Pacific with the launch of Mastercard Track™ Card to Account Transfer, allowing businesses to use commercial cards to pay Suppliers regardless of whether they accept card payments.
The new solution in the region will help businesses manage cash flow, eliminate manual work and expand payment options as Suppliers can receive card payments by Buyers directly in a bank account.
Mastercard Track™ is a global suite of products and services that streamline business-to-business (B2B) payments. The Mastercard Track Card to Account Transfer solution in Asia Pacific is one of many offerings – including the Mastercard Track Business Payment Service and Commercial Purchasing Card – that address complex challenges for Suppliers and Buyers.
In Asia Pacific, Mastercard Track Card to Account Transfer allows issuing customers to offer businesses a financing option providing extended credit and greater efficiency in accounts payable. It’s a turnkey solution that reduces implementation costs and time to market for issuers, helping them to achieve value right away.
“Mastercard is now offering even more choices to issuing customers in how they provide and adapt value-added services to businesses,” said Mostafa Sabet, Vice President, Product Management, Asia Pacific, Mastercard. “Particularly in these difficult times, it’s critically important for businesses to have flexible and dependable payment options to keep commerce flowing throughout the supply chain.”
By addressing the challenge of card acceptance in the B2B space, the solution complements existing Mastercard commercial payment offerings that seek to reduce complexity and friction, optimize working capital for Buyers and Suppliers and improve cash flow to modernize today’s B2B payments ecosystem.
About Mastercard (NYSE: MA), www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
Mastercard Communications Contact
John O’Callaghan, +65 9639 7816
john.ocallaghan@mastercard.com
Agency Communications Contact
Fazirah Sa’im, +65 9009 2760
fsaim@golin.com