Mastercard, Rapyd partnership forges new Fintech Express

Anew and unique collaboration with Rapyd and Mastercard resulted to Fintech Express that would enable immediate access to a cross-functional team of experts to support multiple work streams across Product, Partnerships, Licensing, and Legal.

“The journey has been astounding. When we met with Rapyd, the spark really was the flow of ideas. To me, that’s the foundation wanting to create this partnership,” shared Rama during the recent partnership event.

Rapyd helps businesses create great local commerce experience anywhere. With Rapyd Global Payments Network, businesses can access bank transfers, ewallets and cash in more than 100 countries.

Benjamin Gilbey Senior Vice President, Digital Payments and Labs, Asia Pacific, Mastercard brings in a surprise of introducing a payment functionality in a limitless range of fashion ranges through Tappy’s contactless payment chips, starting with analogue watches from Timex Group.

Mastercard adapts wearable technology with Mastercard Digital Enablement Services (MDES) to tokenize payment credentials when customers use mechanical or digital watch or wearable to make a purchase at any merchant that accepts Mastercard contactless payments.

Ari Sarker, Co-President, Asia Pacific, Mastercard discussed the region’s digital landscape and the rapid rise of consumer to business on digital payment acceptance.

“QR code is a massive innovation and India made impressive growth with this technology. We are working with most of the countries’ financial institutions. Having the right standards whether it’s EMV tokenization, the more cutting edge capabilitites using AI and Biometrics, all of that will lead to better consumer experience in the future,” said Sarker.

As Co-President for Asia Pacific at Mastercard, Sarker oversees all of the company’s activities in the region including sales, business development, business strategy, public policy, and relationships with card issuers, governments, merchants and merchant acquirers. He is also a member of the company’s Global Management Committee.

“We are taking on the next level with a program that is taking all our Mastercard assets and technology on how we can onboard our fintech layers with more speed and make changes. I’m really delighted that we are on that journey.

“We think we can scale this on a very significant way. This is an exciting phase for our business. We think five to two years more business will enable and telco 5g will have to deliver technology with greater speed coupled with the IoT world and you will.see a vibrant world emerging,” added Sarker.