Mastercard and TransferWise have expanded their collaboration agreement so that the issuance of cards will be allowed in any market in the world where Mastercard is accepted and TransferWise is licensed.
Mastercard has managed to build a strong partnership with TransferWise. The companies work together since the issuance of their first debit card in Europe in 2018. Since then TransferWise has issued over 1 million Mastercard’s globally.
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Kristo Käärmann, CEO and co-founder of TransferWise, said: “We’re making it faster, cheaper and easier to move money around the world.”
“As we think about the next phase in our international expansion, we want to ensure this process stays just as convenient whether you need a debit card in the UK or Japan. Building upon our partnership with Mastercard is important in maintaining that high level of convenience around the world,” he added.
TransferWise is currently partnered with Mastercard across the EEA, US, Singapore, Australia and New Zealand, with Japan due to launch later this year. This expansion will allow a route to market in nearly all countries around the world.
TransferWise key goal for its multi-currency borderless account is to replace expensive, old-world international banking for its audience of expats, freelancers, businesses and travelers.
Andrea Scerch, president of processing services at Mastercard, said: “We are proud to be expanding our relationship with TransferWise, having enjoyed a solid partnership over the past three years.”
“Broadening TransferWise’s global reach will enable millions of more people around the world to benefit from Mastercard’s worldwide acceptance footprint and TransferWise’s multi-currency payment solutions,” she added.
The Mastercard and TransferWise teams have also worked collaboratively to enable Apple and Google Pay, Fitbit and Garmin Pay across the EEA for all TransferWise cards.
Over eight million people use TransferWise, which processes over £4 billion in cross-border payments every month, saving customers over £1 billion a year.