The companies have signed a Memorandum of Understanding that will leverage Mastercard’s network, expertise, technology, and infrastructure and FAC’s payment processing solutions to deliver safe, intuitive, and frictionless payment experiences for all users.
The companies joined forces to further promote the implementation of innovative digital acceptance solutions, including Click-to-Pay and Tap-to-Pay, which will help businesses and merchants of all sizes to access an underbanked category of customers. Moreover, Mastercard’s new tokenization services provide enhanced protection for each transaction, which reduces the risk of payment fraud and boosts users’ confidence in digital payment methods. Ultimately, both Mastercard and First Atlantic Commerce look to expand digital payments, driving digitalisation and financial inclusion.
The new partnership aims to create a safer environment for people to pay using digital methods, boosting convenience for SMEs, commercial enterprises, and local governments at the same time. Officials from Mastercard noted that they share a common goal with FAC, and that is to empower underbanked and unbanked populations across two major regions – Central America and the Caribbeans – to access and connect to a digital economy, which ultimately provides new opportunities to improve their living standards.
Founded in 1998 and headquartered in Bermuda, First Atlantic Commerce provides secure and robust Internet payment solutions for merchants and acquiring banks throughout Central America and the Caribbean. Its wide plethora of solutions include multi-currency, real-time credit card and debit card processing, as well as online customer authentication and anti-fraud management services. It militates for a highly digitalised economy and cashless, seamless payments.
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