Mastercard (MA) Expands Engage Platform to Help Customers

Mastercard Incorporated MA enhances its Engage platform, which will offer customers a convenient access to a broad network of qualified fintech alliances that can deploy Mastercard Digital First Solutions. With the help of a physical card option, these solutions will help the company’s customers provide end-to-end digital payment experiences to their consumers.

This move is made at the right time when companies are trying their best to meet demand of virtual experiences due to the COVID-led panic.
Mastercard is helping these companies with digital experiences through its solid channel.

The coronavirus pandemic accelerated cashless payments as consumers are relying more on online payments and other non-cash payment methods to avoid contracting the infection. Certain behavioral changes induced by the pandemic like online shopping, cashless payments and no-contact deliveries are here to stay and will continue to boost the fintech space in 2021 and the years to come.

The Engage network consists of partners that offer components and integration abilities across the Digital First customer journey to deliver a seamless transaction experience. The list of partners includes Signzy, which will support digital onboarding and instant eKYC services and Provenir to offer real-time risk decision-making. Other partners are issuer processors Galileo, i2c and Marqeta and end-to-end Digital First enablers Thales and Verestro. Per the financial services provider, that the Engage platform is now open to assist Digital First deployment.
Fintech companies are constantly developing and innovating various ways for hassle-free financial services in the time of new normal, which leaves Mastercard with an immense opportunity to grow.

The Mastercard Engage platform has grown over the years to fulfil its commitment of creating its digital first consumer journey.

The move will surely cater to the evolving demands of consumers who prefer frictionless, convenient digital payments.

The company has been making significant progress in its digital strategy and continuously investing in technology. Some of the company’s digital innovations are MasterPass, investment in tokenization technology with its Mastercard Digital Enablement Service (MDES), which supports contactless payments and Digital Secure Remote Payments.

Other companies in the same space, namely Visa Inc. V and The Western Union Company WU also invest in technology to further boost their presence in the payments market.

Shares of this presently Zacks Rank #3 (Hold) company have gained 32.4% over a year compared with the industry’s 18.5% growth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Another company in the same space Diebold Nixdorf, Incorporated DBD has also rallied 160.4% in the same time frame.

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