Mastercard enters strategic alliance agreement with Directpay
Mastercard, the global leader in payment solutions offering credit, debit, prepaid cards and more, recently entered into a strategic alliance agreement with Directpay - a cashless and cardless online payment society that seeks to revolutionise payment platforms.
These two entities joining hands translates to a combination of innovative features and seamless technology offering the best solutions to customers.
Directpay is a simple, secure and convenient payment solution which facilitates transactions through the use of a smart phone based mobile application between customers and merchants. The mobile application which complies with the BSS (Baseline Security Standards) for mobile applications facilitates transactions between the merchant and the customer with the use of a quick reference code.
With this new alliance, Directpay will leverage Mastercard technology assets to provide a convenient and secure user experience in digital payments such as the use of Mastercard Payment Gateway Services with Tokenisation technology for digital payments and checkouts.
As Directpay uses the latest QR based technologies, Mastercard QR will provide an interoperable QR payment experience to the consumers within this eco system which will also be in line with the national QR initiative.
Mastercard Send, a platform that can facilitate person to person money transfers will also be integrated into the Directpay application, further adding to the convenience of end users and will bring multiple other use cases such as bulk disbursements and business to person payments.
As the solution that Directpay offers is an electronic payment option providing a viable alternative to cash, POS and MPOS systems, it falls within the line of sight of Mastercard’s vision for a fast-paced consumer lifestyle that eliminates the need for physical cash.
Mastercard, together with Directpay will provide their clients with the entire infrastructure to facilitate payment requirements with a modular based and serviceoriented software architecture supporting existing structures, enabling merchants to offer products and services across all possible channels.
Even through Directpay, Mastercard users can expect the same levels of technology and expertise that they are accustomed to, making payments safe, simple and smart. Safety and security are of paramount importance to Mastercard as it is among the top priorities of their customers, cardholders and partners.
This new development within this industry brings forth a wide range of benefits including ease of access and reduction in transaction time and cost.