Following this announcement, the companies are set to combine their extensive expertise and suite of products in order to achieve technical implementation and certification in a secure and efficient manner, within a period of 2 months. Acquires, merchants, and traders in the APAC market will be enabled to leverage Silverflow’s advanced and safe technologies to make more collaborative and quick payment processing.
Mastercard and Silverflow are set to continue their collaboration in order to launch their products around the world, aiming to provide customers with more efficient technology and payment solutions.
The suite of remittance-related products provided by Mastercard was developed in order to deliver payments by using the company’s global network, aiming to offer them to bank accounts, digital wallets, mobile wallets, cash, and cards in multiple areas across the globe. Mastercard announced several partnerships and product launches in the last couple of months, covering different geographic areas around the world.
At the beginning of November 2023, the firm collaborated with Hong Kong-based payment technology institution Yedpay in order to improve the latter’s range of payment technologies. Throughout this strategic deal, the new technology was set to optimise the sequence of cash flow from the collection, and payment to settlement for merchants and traders, as well as to deliver a new experience for real-time, secure cash flow. At the same time, by using the new `One Touch` payment technology, businesses were enabled to eliminate the boundary between cash and electronic transactions, as collection, payment, and settlement processes could be achieved in one step.
The payment product was expected to cloudify credit card transaction processing encryption, which focused on breaking through traditional POS machines’ fixed hardware encryption format. The service was also designed to be compatible with mainstream methods by leveraging a mobile device.
Earlier in the same month, Mastercard announced its partnership with WorldPay and Spain-based firm Travel Tax Free in order to introduce the Mastercard Send tool into the latter’s management service. Following this announcement, Mastercard Send aimed to give eligible tourists in Spain and Portugal the possibility to opt for instant and secure tax refunds while using Travel Tax Free’s Traveller Wallet. The solution was developed to streamline the Tax Free management and reimbursements as well.
In addition, the companies aimed to offer retailers the possibility to access the necessary services and tools in order to streamline their operations and drive sales and growth.
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