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Mastercard Incorporated MA recently inked a Memorandum of Understanding (“MoU”) with the Bermuda-based online payment gateway and fraud management solutions provider, First Atlantic Commerce (“FAC”). The tie-up aims to leverage the collective capabilities of the partners and subsequently, drive greater financial inclusion and digital growth across Central America and the Caribbean.
Making way for a safe and seamless payment experience for the targeted region’s customers remains one of the prominent endeavors of the partners. This can be made possible by utilizing the extensive network, expertise and advanced technology of Mastercard as well as FAC's payment processing and risk management solutions suite.
The partners will encourage the region’s businesses and their customers in the widespread adoption of digital acceptance solutions like Tap on Phone and Click to Pay, which ensure a faster means of sending and receiving payments. While the Tap on Phone technology converts smart gadgets into payment acceptance devices, Click to Pay is the online checkout platform of Mastercard that ensures the completion of the checkout process with only the help of a few buttons and minor disruptions.
Additionally, the collaboration will promote the benefits derived from utilizing MA’s tokenization services, which infuse security within online transactions, thereby minimizing the chances of fraud. This, in turn, imparts greater confidence to individuals in the adoption of digital payment methods.
The recent tie-up reinforces Mastercard’s sincere efforts to capitalize on the expanding digital growth prospects across Central America and the Caribbean. Such partnerships bear testament to MA’s endeavor to offer increased choice and convenience in transactions for its diversified client base in the targeted region. The initiatives also serve as a means to further solidify the tech giant’s presence in the region.
FAC seems to be the apt partner to complement MA’s endeavor, owing to its extensive presence across Central America and the Caribbean for nearly three decades and longstanding reputation of being a leading provider of secure Internet payment solutions for the region’s merchants and acquiring banks. The partners even share an aim of leveraging cutting-edge technological solutions to bring more occupants of the unbanked and underserved groups within the ambit of a booming digital economy.
This June, Mastercard inked a MoU with the representative body of banks and other financial institutions of the Caribbean, the Caribbean Association of Banks Inc. Per the collaboration, Mastercard’s technology, expertise and resources will be put to use for the seamless integration of its cross-border services platform within the product suite of Caribbean banks.
